Tag Archives: Inheritance tax

Estate vs Estate

Today TaxMama® hears from Kelly in the TaxQuips Forum, who is confused. Let me summarize. “Kelly’s father died, leaving the house to the children. But the value is less than $5 million, so no estate tax return needs to be filed. Why do they need to file anything to report the sale of the property?”

Bahamas Inheritance

Today TaxMama hears from Joe in the TaxQuips Forum, with this odd tale. “My cousin’s wife whose [missing word] was born in Canada and is also a U.S. citizen will be receiving about $150,000 inheritance from her father’s estate. My cousin and his wife live in the US. Her parents are Canadian citizens. Her father, […]

Mom’s Home

Today TaxMama hears from Amy in Doylestown, Ohio, who says, “My mother wants to sign over her house and property to me as a gift. There are no liens on the house, no mortgages, etc. But what should I expect come next tax season; and also what should she expect?”