If I leave my house and some money equaling about $500,000 to my girlfriend, what are her tax obligations?

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If I leave my house and some money equaling about $500,000 to my girlfriend, what are her tax obligations?

Asked on August 2, 2013 under Estate Planning, California

Answers:

Nathan Wagner / Law Office of Nathan Wagner

Answered 8 years ago | Contributor

Your girlfriend may not have any tax obligations in this situation. The assets she inherits are not income for income tax purposes.

There could be estate tax, which would be paid by your estate before she receives the assets. But there is a $5,250,000 lifetime exemption for federal estate and gift tax. So, there should be no federal tax on your estate if it totals less than 5 million dollars. About a dozen states have their own estate tax, so if you live in one of those states, your estate might have to pay estate tax. 


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