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Rule-of-thumb guide as to how much to expect to pay for inheritance taxes
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gggg gggg
May 18, 2021, 10:46:47 PM5/18/21
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Is there one?
What if a person has been living in their parents' home and their parents die and they inherit the home?
When selling the home, what percentage of the selling price of the home can they expect to pay in inheritance taxes?
20%? 30%? 40% More?
What if a person has been living in their parents' home and their parents die and they inherit the home?
When selling the home, what percentage of the selling price of the home can they expect to pay in inheritance taxes?
20%? 30%? 40% More?
John Weiss
May 19, 2021, 9:43:20 AM5/19/21
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Federal exemption on inheritance taxes is over $5 Million. State
exemptions may be less, though (e.g., $2 Million in WA).
Leo Isenteze
May 20, 2021, 12:13:28 AM5/20/21
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Inheritance tax is a state tax on assets inherited from someone who died.
gggg gggg
May 20, 2021, 1:40:54 AM5/20/21
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Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:
- What if a person has been living in their parents' home and their parents die and they inherit the home?
When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?
20%? 30%? 40% More?
John Weiss
May 20, 2021, 10:04:18 AM5/20/21
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On 05/19/21 22:40, gggg gggg wrote:
> Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:
>
> - What if a person has been living in their parents' home and their parents die and they inherit the home?
>
> When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?
>
> 20%? 30%? 40% More?
What state do you live in? Each state is different.
> Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:
>
> - What if a person has been living in their parents' home and their parents die and they inherit the home?
>
> When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?
>
> 20%? 30%? 40% More?
Why would you sell it if you're living in it?
In WA, it would be about 2% excise tax; there is no "inheritance tax".
The cost basis of the house is its value the day you inherit it, so
capital gains tax would be near 0 if you sell it immediately.
Message has been deleted
gggg gggg
May 20, 2021, 12:03:15 PM5/20/21
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On Thursday, May 20, 2021 at 7:04:18 AM UTC-7, John Weiss wrote:
> On 05/19/21 22:40, gggg gggg wrote:
>
> > Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:
> >
> > - What if a person has been living in their parents' home and their parents die and they inherit the home?
> >
> > When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?
> >
> > 20%? 30%? 40% More?
> What state do you live in? Each state is different.
>
> Why would you sell it if you're living in it?
What if you're moving to a place where it's cheaper to live?
> On 05/19/21 22:40, gggg gggg wrote:
>
> > Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:
> >
> > - What if a person has been living in their parents' home and their parents die and they inherit the home?
> >
> > When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?
> >
> > 20%? 30%? 40% More?
> What state do you live in? Each state is different.
>
> Why would you sell it if you're living in it?
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