Yes, the house is still in my mom's name. The estate has filed tax returns each year and paid property taxes. After closing, the final tax return will be filed and the assets distributed. Per the will, the assets will be equally distributed to the heirs.In this case, as the next return will probably be the final return, the estate won't pay capital gains tax but the heirs will? Surely the estate and the heirs wouldn't both pay capital gains tax on the same asset?Thank you.Karen ================================Correct. The estate gets a deduction for the distributed/distributable amounts.Bill
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra