My mother-in-law in CT recently passed away and my wife and her two brothers are going to sell her house. anything we get form the house will be split 3 ways. is there a way I can avoid paying tax in NYC on that? Can I put it into an education fund or perhaps into the purchase of a new home and therefore not be taxed the full amount?
Asked on 8/18/09, 10:55 pm
1 Answer from Attorneys
Richard Bryan
Richard Bryan Attorney PC
Inheritances are not taxable income.
Good luck.
Rick Bryan
New York, NY
Answered on 8/24/09, 11:34 am
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