If my mom passed away 3 years ago and the only asset she had was a house that just sold, do we have to pay taxes on that money since the house was inherited?

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If my mom passed away 3 years ago and the only asset she had was a house that just sold, do we have to pay taxes on that money since the house was inherited?

It ust sold for $250,000. There was no Will and her husband and I are splitting the remaining $200,000 equally between us.

Asked on January 12, 2015 under Estate Planning, Massachusetts

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

I am so sorry for your loss.  Federally, there is probably none.  And in Massachusetts probably none.  While Massachusetts does impose an estate tax for estates over $1,000,000.  But I would consult with an tax professional to be sure.  Good luck.


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