I'm going to leave my newphew my home when I pass . What would the Federal Inheritanance tax be?

Answer 1

If you spend the money on a decent attormey it could be zero. In any case, to answer your question would require complete strangers to know rather too much about your financial affairs. There are limits below which there is no estate tax (we're talking seven figures here).

States have their own rules. Do not ignore them as they may be more draconian than federal.

Answer 2

Currently, your estate has to be valued at more than $3 million to be taxed by the federal government.

Generally, that number goes up every year, and in 2010, if nothing changes, all estates will be tax free. (Tax accountants call that the year to "throw mama from the train".)

After 2010, it's anybody's guess. The current trend is to let the estate tax die a slow death, but no new tax bill addresses it.

Answer 3

If the value of your estate is less than $2,000,000 there will be no federal inheritance tax at all. That's subject to change at the whim of Congress at any time, but that's the current situation. You'll have to check with your state to see if there is a state inheritance tax.

Answer 4

Quit Claim it to both you and him now. (John Smith-you- quit claims to John Smith-you- and Joe Smith-nephew) By keeping your name on it, until you pass away, then it will pass on to him without a will or probate or taxes, automatically. (Cost? about $60 at the attorney's office).