My grandma died 3 years ago and willed her three houses and 5 acres of land to me I was only 18 at the time and had no idea what to do with it! I still don't know how to claim the property or the amount that I would have to pay if I did. does anyone have an idea of % they tax? Serious answers only please! Thanks =o]
2006-12-17 19:41:16 · 2 answers · asked by Amber Marie 2 in Business & Finance ➔ Taxes ➔ United States
California does not have an inheritance tax. The estate is responsible for the estate taxes prior to distribution to the heirs. Depending on the size of the estate, it may have been exempt from any taxes. If not, you are probably seriously delinquent in filing and reporting the estate tax.
If you would like to discuss your requirements and options, please feel free to contact me. I would be happy to assist you with filing all past due returns and helping clear up this legal matter.
Regards,
Steve Larson
2006-12-18 09:05:03 · answer #1 · answered by Anonymous · 0⤊ 1⤋
The California estate tax is a pickup tax, meaning that it is equal to the maximum federal state death tax credit allowable. Problem is that Congress has repealed the state death tax credit, effective January 1, 2005, placing the California estate tax in limbo. Your grandmother's estate would still have to deal with federal estate taxes.
2006-12-18 06:38:22 · answer #2 · answered by mattapan26 7 · 1⤊ 1⤋