Selling properties to pay inheritance tax?

Question

My three sisters and I have been left one property each by our late brother each with mortgages, but will we have to sell one or maybe two properties to pay off the inheritance tax, because we would prefer to keep the properties.

Answer 1

What is the question?

Answer 2

Well you need to contact a CPA you not only will be paying the inheritance tax but you might be paying long term capital gains on the sales.
To research more on Federal taxation you should go to this link provided by our research department and search for answers by using their ask questions.
IRS: http://www.irs.gov/

Answer 3

If your brothers estate comes to over £275k including money and assets. You will be taxed 40% of anything over. They will send you a bill. If you cannot raise this money between you then you will have to sell one of the properties.

Answer 4

If you are asking which property to sell, I would say any. Then, you could put all sisters' names on the remaining properties to make it fair.

Answer 5

Have you been advised there will be an inheritance tax? IF so, have you been advised as to what it will be? If so, does the will specify as to how it will be assessed? Talk to your lawyer. No one here has enough info to answer your question.

Answer 6

I am not sure if the value of the houses are offset by the outstanding mortgage.

Answer 7

you will have to sell everything. I believe that if you want to keep the dog then you must fly backwards to the garden party next 5th November.

Many Thanks

Answer 8

Can't put it any better than Tabbyfur.