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Author: rjm1 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: Inheritance Date: 3/6/1999 6:18 PM
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Thanks for your reply. My sister was the executor of the
estate, and filed the tax forms for the estate, and said the
bank trust department was very helpful. The entire trust
was about $300,000, but Dad didn't get the house or car
put into the trust before he passed on. One error on his
part, and he didn't have much time to correct it when he
fell ill.
He lived in Florida, so no State taxes to worry about.
If I understand it, an estate pays no estate taxes if it is
under $650,000. Is that correct?
I appreciate your response, and will take your suggestions
to heart.
Redhed


You would owe no tax on the assets that came from the trust or sale of the house and car. Putting the house in the trust may have saved some paper work but no taxes. I think cars are usualy left out of a trust.

If you owed income taxes on income earned after the death of your father the bank would send you a Form K-1 (Federal tax form for your 1040, similar to a 1099). Since they did not (they may have until April 15th to mail, I am not sure. Yes the same date as your tax return is due. Might want to call and ask) and your sister is happy with the bank I would consider the estate closed and not worry.
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