My father died recently and I need to know if I will have to pay a death tax this coming tax season. Is this tax dependent on the value of the estate or any other factors? We are going to sell his house, but he had no other assets. The most we'll each get is about $12,000, if even that. He was disabled and on wellfare at the time. I always would ask him for tax information so I have no idea now.
2006-10-13 18:58:25 · 3 answers · asked by jenl2881 2 in Society & Culture ➔ Royalty
Did your father transfer any property in the three years preceding the date of his death? If so, you may need to add that back to the value of his estate at date of death. Did he make any substantial gifts in his lifetime? If so, you really need to consult a CPA.
Even if he did neither of the above-mentioned, it may well be worth spending an hour talking through the specifics with a CPA. However, based on what you have said, I doubt you will even have to file a return. The threshold in 2006 is $3.5 million. See IRS Pub 950 (towards the end) for more detailed information.
2006-10-14 04:59:45 · answer #1 · answered by skip 6 · 0⤊ 0⤋
It's very unlikely from what you say that you'll owe any federal estate tax. For a wealth of information go to irs.gov and type "estate tax" into the search box at upper right - it will give you several links to material to read.
Someone, whoever's in charge of the estate, should file a final tax return for your father.
Many states have an estate tax also, and that depends of course on where your father lived.
Good luck.
2006-10-14 05:02:43 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The lack of life Tax has been repealed in 20 states. An sources tax or inheritance tax, it is diverse, nevertheless exists in maximum states. Your question obviously is a racial jab, yet I addressed the lack of life tax element. i'm no longer touching the different section. it is in basic terms stupid.
2016-12-04 19:44:41 · answer #3 · answered by ? 4 · 0⤊ 0⤋