Property Inheritance Tax Guidance

Summary

In New York State, the estate is responsible for paying any income tax due from income generated by the estates assets. Beneficiaries typically do not pay income tax on inherited property. Consulting a tax professional or probate attorney is recommended to ensure all legal and financial obligations are met.

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My mom passed away. She had life use of her house but it was in my brother's and sister name
I'm sorry for your loss, ****. To understand your situation better, could you please tell me where this house is located? Laws on property rights after death can vary by location.
Now her will says has to be sold and divided * ways who pays the income tax on this.
Hello ****, I'm sorry for your loss. The tax payment responsibility depends on the laws of your location. Could you please tell me where you're located so I can provide more specific information?
N. Y. State
I'm sorry for your loss, ****. In New York State:
- The estate pays any income tax due from income generated by the estate's assets.
- Beneficiaries usually do not pay income tax on inherited property.
- You should consult with a tax professional for specific advice.
Thanks
You're welcome, ****. If you have any other questions or need further clarification, feel free to ask. It's important to consult with a tax professional or a probate attorney in New York State to ensure all your legal and financial obligations are met.