Legal Question in Real Estate Law in Virginia
Real estate in a will sold wihout paying income tax
My mother has five children and has the sale of her home after her death divided equally among us. Our states of residences are New Jersey, Maryland, Virginia, Tennessee and Oregon. Mom was told that putting her home in trust would eliminate our need to pay income tax on our shares in the sale of her home. Is this possible? If not, is there a way to legally avoid paying income tax for each of us respective of where we live?
Any information is appreciated. Thank you.
1 Answer from Attorneys
Re: Real estate in a will sold wihout paying income tax
As a general rule there would not be any income tax liability for the transfer of your mother's home to her children upon her death. There may be Federal estate taxes and/or state estate/probate taxes due depending on a variety of factors including where your mother lives. Your mother should speak with estate planning attorney where she lives to discuss her estate.
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