estate of 675k

[amberwave]

Can you answere me a ? what happens if a estate goes over the 675k ....this is my grandpa's estate ...he has been gone a yr. the atty. has drug this out ...and now its over the mark due to oil and grains that where sold ....he took mo.s to get a executor swore in after the one who was in place past away...{he took 7mo.s...} so no one was in place to sell any grains ...etc.

 

[loku]

The tax is assessed on the value of the estate at the date of death (or, if elected, 6 months later). Therefore, the question is not what the oil and grains sold for, but what they were worth at the time of death.

If there were gains on the sales (that would be any excess of sale price over the value at date of death), the estate would pay income tax on that, not estate tax.