Leo Isenteze <LeoI@Isenteze.org>: May 20 12:13AM -0400
On 5/19/2021 9:43 AM, John Weiss wrote:
> 0%. The estate pays estate (inheritance) taxes, not the recipients.
> Federal exemption on inheritance taxes is over $5 Million. State
> exemptions may be less, though (e.g., $2 Million in WA).
Inheritance taxes are not the same as estate taxes.
Inheritance tax is a state tax on assets inherited from someone who died.
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gggg gggg <ggggg9271@gmail.com>: May 19 10:40PM -0700
On Tuesday, May 18, 2021 at 7:46:47 PM UTC-7, gggg gggg wrote:
> 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?
Thanks to all for your quick and informative replies.
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?
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John Weiss <jrweiss98155@comcast.net>: May 20 07:04AM -0700
On 05/19/21 22:40, gggg gggg wrote:
> - 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?
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.
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gggg gggg <ggggg9271@gmail.com>: May 20 09:01AM -0700
On Thursday, May 20, 2021 at 7:04:18 AM UTC-7, John Weiss wrote:
> > 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?
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gggg gggg <ggggg9271@gmail.com>: May 20 09:03AM -0700
On Thursday, May 20, 2021 at 7:04:18 AM UTC-7, John Weiss wrote:
> > 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?
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