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Kapaunfamily · Joined: 16 Aug 2010 Posts: 1 1.00 Dollars($)

My husband's Step-Dad passed away on 7/11/10. He left a will and his real properties located in CA were split between the natural & adopted children. There are 5 people named in the will and my husband is one of them. One of the stipulations is that the real property must be sold within 2 years of his death.

We have made a decision to put the properties (2) up for sale within the next month. The youngest Son (Bruce) was made executor of the will. Bruce contacted a probate attorney and was told that it would take close to a year to settle and distribute the proceeds of the sale.

My question is; the attorney indicated that we would not have to pay taxes on any money realized under $1,000,000. He also said that any amount over $1,000,000 would be taxed at 55%. Can you tell me if this is true and if so will the law be changed in 2011?

smithsussane · Posted: Mon Aug 16, 2010 11:19 pm Post subject:

Hi Kapaunfamily!

Welcome to forums!

Once the property is transferred to your husband and his siblings, all of them would become the owner of the property. Once your husband and his siblings sell off the property and receive profit, they would be liable for paying capital gains tax on it. The amount of tax that your husband and his siblings will have to pay will depend upon the the amount of profit that they receive.

Feel free to ask if you've further queries.

Susane

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