Inheritance tax

[cardinal48]

What is the name of your state? Minnesota

My father passed away 6 years ago and left me and my sister some property in Florida. We have just now sold it. My question is what is inheritance taxes and is this something we will need to pay?

 

[anteater]

Inheritance tax is a tax on the value of assets transferred from the estate of a deceased to the beneficiaries. Inheritance tax is imposed by some states, but not all. Neither MN nor FL has an inheritance tax.

You may have income tax consequences from the sale in the form of capital gains/losses. The gain or loss would be the difference between the net proceeds from the sale less the value of the property on your father's date of death.

 

[Dandy Don]

You need to be talking to a local CPA or tax accountant about this.