Maryland  |  Tax Law

Legal Question

Asked on: 4/17/11, 10:05 pm

Father died in 2010 leaving house which sold in 2011. Two children split proceeds. House in MD; one child in MD, other in FL. Do we pay taxes on the distributed money from sale of house? Do we owe inheritance taxes? House bought for 35K over 40 years ago but sold for just under $500K in 2011.

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