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.
1 Answer from Attorneys
Suggest you talk to an attorney who handles Federal/MD taxation and probate matters. Information will need to be assembled and carefully reviewed for a proper analysis. An experienced tax and estate attorney in MD should be able to handle this type of matter and to protect the interests of the client. Please note that, in accordance with the MD Code of Professional Responsibility for Attorneys, a signed engagement letter is necessary in order to engage my legal services. If I can be of any help to you or people you know, contact me as I would be pleased to provide tax/legal support.
Robert Beatson II, 4-21-2011, 11:55 p.m. EST
Law Offices of Robert Beatson II, 9818 Glynshire Way, Potomac, MD 20854
Practice areas: Tax, business law, computer/high tech/biotech law, intellectual property, trusts/estates/wills, real estate, litigation, mediation.
Licensed to practice law in: DC, MD, VA, and NY.