I live in PA. My father passed away last month. I'm sole executor and beneficary of his will. At this point, his debt out weights his assests by about $50,000. His house and cars are his only assests and once they are sold he will still owe at least $50,000 to creditors. Will I have to pay any inhertiance tax on anything? When everything is said and done I will not get anything.
2007-04-18 04:57:09 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You wouldn't end up paying inheritance tax, since it doesn't sound like there will be anything left to inherit.
For federal, his estate would be far below the limit anyway to owe any taxes.
2007-04-18 05:15:11 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
If his assets were less than the current estate tax exemption, you don't even have to file an estate tax return. If they were more, the debts are allowed as a deduction and so you(really the estate) will owe no tax.
2007-04-19 03:48:45 · answer #2 · answered by dwagsfive 2 · 0⤊ 0⤋
Don't think you will have to pay but ask the IRS or State tax entity
2007-04-18 05:00:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The current estate tax exemption is $1,500,000. So, in your case you don't have to pay any tax on anything.
2007-04-18 10:41:34 · answer #4 · answered by Bettina C 2 · 0⤊ 1⤋
once the debts are settled there will be more debt than assets and no inheritance tax will be due.
2007-04-18 05:09:56 · answer #5 · answered by waggy_33 6 · 0⤊ 0⤋