Home Inheritance: Taxed?

[breezymom]

What is the name of your state (only U.S. law)? NY

My grandmother passed away, recently and I searched the forums, but haven't found anything so far that applies to my situation/question:

Is there any tax on inherited property? Like some sort of inheritance tax?

The property is mortgage-free.

I am just trying to prepare myself for reality, here, and what I am looking at paying besides normal property/school taxes, utilities, etc.

 

[breezymom]

I'm so sorry. My brain has been on auto-pilot since Gran passed. Here are a few important details:

The property was willed to my uncle and I, since I was very young when it was drawn up.

My uncle is just going to transfer it to me. He has no need for it and is just happy it will stay in the family.

 

[anteater]

Unless the property is very valuable, no. Federally, the first $5 million of estate value is exempt from estate tax. New York still has its own state estate tax. But it only kicks in after $1 million in value.

Your uncle probably will have a reportable gift if he transfers his share to you. But it is unlikely if he will actually owe any gift tax.

 

[breezymom]

Thank you and monetary value, it doesn't have much. It's a good thing they don't tax sentimental value