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Tax Law : Federal, State and Local Income Taxes, Sales Taxes, etc. For Estate, Gift and Inheritance Taxes, Please Post Under Will, Trusts & Estate Planning
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  #1  
Old 11-18-2008, 03:08 PM
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inheritance tax


What is the name of your state (only U.S. law)? Illinois. does a son have to pay a inheratance tax on a house willed to him in ill. from dead parent.
  #2  
Old 11-18-2008, 03:12 PM
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There is no federal inheritance tax.
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Old 11-18-2008, 04:45 PM
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Well technically it's an estate tax. It's paid not by the recipient but by the estate. However, there is a large exclusion ($2M) so unless this property is REALLY valuable (or the estate has other significant assets) none is likely due.
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Old 11-18-2008, 04:57 PM
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Quote:
Originally Posted by FlyingRon View Post
Well technically it's an estate tax. It's paid not by the recipient but by the estate.
Again to the OP, there is no federal inheritance tax that you would pay.
  #5  
Old 11-18-2008, 07:02 PM
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However, if by some chance there was a capital gain on the sale of the house, there could be some capital gains tax due. Since he would have received a stepped up basis when he inherited the house, any capital gain would be small unless he held on to the house for quite a few years.
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