Help! I inherited a house!

[Puebla7]

What is the name of your state? Pennsylvania

Help! I inherited a house 3 years ago. The entire estate was probated and inheritance tax was paid to the state of PA at a rate of 15%.

At the time the inheritance tax was submitted, the house had been appraised at $150,000.

The tax on this was paid as well as other assets.

Now I am selling the house for $250,000. The house is still in the name of the estate. I never transferred it over.

Do I have to pay back the state of PA additional money, i.e. the difference between what was originally submitted (based on $150,000) and the new selling price of $250,000?

OR does this simply have to be declared as a Capital Gains Tax on my Federal Income Tax statement? Or Both?

Help! I am VERY confused!

[HomeGuru]

Originally Posted by Puebla7

What is the name of your state? Pennsylvania

Help! I inherited a house 3 years ago. The entire estate was probated and inheritance tax was paid to the state of PA at a rate of 15%.

At the time the inheritance tax was submitted, the house had been appraised at $150,000.

The tax on this was paid as well as other assets.

Now I am selling the house for $250,000. The house is still in the name of the estate. I never transferred it over.

Do I have to pay back the state of PA additional money, i.e. the difference between what was originally submitted (based on $150,000) and the new selling price of $250,000?

OR does this simply have to be declared as a Capital Gains Tax on my Federal Income Tax statement? Or Both?

Help! I am VERY confused!

**A: this is not the Tax law forum.

[Puebla7]

OK.

I will ask on the "Tax Forum" site.

Thank you!

[Warped]

I'm not a lawyer!

I inherited a house recently and the lady who helped me through the process in the Probate office told me that the deed would not be changed over to my name but that a copy of the will and the probate papers would be filed with the will, essentially naming me owner. If I ever sell or refinance then the title company will likely change it into my name. I'm not sure if it would work the same way in your area as it does in mine but that seems like it would be a common practice to me.

[HomeGuru]

Now you wid da pogram.

[Puebla7]

Thank you both!

[HomeGuru]

Ok, and good luck.