Colli Real Estate

Do I pay inheritance tax on property?

After my father died, I sold 14 of my father Rental houses and distributed the money to my brothers (and me). Do I pay inheritance tax payable on that I have received houses? Its proximity of $ 75K in hand. I understand that you have to pay taxes on rental income. Thank you! What is the tax on capital gains? We live in Texas.

Well, Texas has no state tax, so it should not concern ourselves with state taxes on income. Who was even if the handling farm? Depending on the value of the rental home of 14 that could be applied because the federal property (property tax Federal is triggered if the net asset value is over $ 2,000,000) and Texas has no state tax on people who die after 1/1/2005. As rental income is gone, who would not pay tax on rent, unless you were who received rental income. If the legacy his father, who receives income from renting your property must file a Form 1041 to report the income and charges for its assets, after your death until everything was closed and the entrance money or property distributed to heirs. If you sell the houses were speaking on behalf of his father, then all the gains of the house will be demonstrated at the capital gains taxes 1041 and would be paid by profit. When his father died on 14 rental houses should have been valued for what they were worth at his death. To establish the cost basis for sale in the future. The difference between the cost base and what they have to be sold for capital gain (if they are sold for more than the cost basic) or a capital loss (if sold at a price below cost). If you sell a tax increase on capital gains or ought to pay for the property at the Form 1041 or an increase could happen to you and your brothers and recognized in their personal tax return. It seems that this is more complex than can be resolved through Yahoo Answers. If you want, do not hesitate to contact me and add as I can contribute to ensure that everything is done correctly. Either that, or contact with a local CPA / tax preparation in your area and let the figure and show benefits for you. It seems that, with 14 homes for rent may have problems with wealth tax, possibly by total of 14 homes.

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