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Estate Tax on inherited property

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J

Joe Smith

Guest
My mother recently passed away. Prior to this we did a quick deed so my brothers and I were all joint owners of the property when she died-to avoid probate. As far as assets she had very little except for the property(188K) and a life insurance property (10K). We have all opted to sell the property. What tax liabilities will we have. I assumed that anything less than 675K was exempt for estate taxes or does this count as capital gains?
 



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