Legal Question in Tax Law in California

Are Inheritance Taxes Due on Sale of Deceased Parents Home
I am an only child. My father (a widower) built his home about 30 years ago for about $25,000. It is now worth about $300,000. The home is free and clear. If he were to pass away with an estate of about $400,000 (the house value and $100,000 in bank accouts), and I was to sell his home to get the cash, would I owe inheritance taxes or other taxes on the total of $400,000? Or taxes on just the $100,00 from the bank accounts? Or taxes on just the $300,000 realized from the home sale? If I will owe, can you tell me approximately how much? My wife and I are retired with a yearly income of approx. $30,000.

Asked on 11/15/02, 2:16 am

Ken Koenen Koenen & Tokunaga, P.C.

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Re: Are Inheritance Taxes Due on Sale of Deceased Parents Home

You will not owe any inheritane taxes. There is a $1 million dollar exemption.

Answered on 11/15/02, 2:15 pm

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