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  • Rule-of-thumb guide as to how much to expect to pay for inheritance tax

    From gggg gggg@21:1/5 to All on Tue May 18 19:46:45 2021
    Is there one?

    What if a person has been living in their parents' home and their parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the home can they expect to pay in inheritance taxes?

    20%? 30%? 40% More?

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From John Weiss@21:1/5 to gggg gggg on Wed May 19 06:43:14 2021
    On 05/18/21 19:46, gggg gggg wrote:
    Is there one?

    What if a person has been living in their parents' home and their parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the home can they expect to pay in inheritance taxes?

    20%? 30%? 40% More?

    0%. The estate pays estate (inheritance) taxes, not the recipients.

    Federal exemption on inheritance taxes is over $5 Million. State
    exemptions may be less, though (e.g., $2 Million in WA).

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Leo Isenteze@21:1/5 to John Weiss on Thu May 20 00:13:17 2021
    On 5/19/2021 9:43 AM, John Weiss wrote:
    On 05/18/21 19:46, gggg gggg wrote:
    Is there one?

    What if a person has been living in their parents' home and their
    parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the
    home can they expect to pay in inheritance taxes?

    20%?  30%?  40%  More?

    0%.  The estate pays estate (inheritance) taxes, not the recipients.

    Federal exemption on inheritance taxes is over $5 Million.  State
    exemptions may be less, though (e.g., $2 Million in WA).

    Inheritance taxes are not the same as estate taxes.

    Inheritance tax is a state tax on assets inherited from someone who died.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From gggg gggg@21:1/5 to gggg gggg on Wed May 19 22:40:53 2021
    On Tuesday, May 18, 2021 at 7:46:47 PM UTC-7, gggg gggg wrote:
    Is there one?

    What if a person has been living in their parents' home and their parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the home can they expect to pay in inheritance taxes?

    20%? 30%? 40% More?

    Thanks to all for your quick and informative replies.

    Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:

    - What if a person has been living in their parents' home and their parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?

    20%? 30%? 40% More?

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From John Weiss@21:1/5 to gggg gggg on Thu May 20 07:04:13 2021
    On 05/19/21 22:40, gggg gggg wrote:

    Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:

    - What if a person has been living in their parents' home and their parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?

    20%? 30%? 40% More?

    What state do you live in? Each state is different.

    Why would you sell it if you're living in it?

    In WA, it would be about 2% excise tax; there is no "inheritance tax".
    The cost basis of the house is its value the day you inherit it, so
    capital gains tax would be near 0 if you sell it immediately.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From gggg gggg@21:1/5 to John Weiss on Thu May 20 09:03:13 2021
    On Thursday, May 20, 2021 at 7:04:18 AM UTC-7, John Weiss wrote:
    On 05/19/21 22:40, gggg gggg wrote:

    Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:

    - What if a person has been living in their parents' home and their parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?

    20%? 30%? 40% More?
    What state do you live in? Each state is different.

    Why would you sell it if you're living in it?

    What if you're moving to a place where it's cheaper to live?

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From gggg gggg@21:1/5 to John Weiss on Thu May 20 09:01:56 2021
    On Thursday, May 20, 2021 at 7:04:18 AM UTC-7, John Weiss wrote:
    On 05/19/21 22:40, gggg gggg wrote:

    Whatever they are called (inheritances taxes? estates taxes?), I still want to ask:

    - What if a person has been living in their parents' home and their parents die and they inherit the home?

    When selling the home, what percentage of the selling price of the home should they expect to pay in taxes?

    20%? 30%? 40% More?
    What state do you live in? Each state is different.

    Why would you sell it if you're living in it?

    What if you're moving?

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)