Posted on: 01st Jan, 2009 11:04 am
Hello, and thank you for this service. My husband and 7 other siblings inherited 4 vacant lots from their mother, who died in 1996. They sold these vacant lots. The closing date was Feb. 15, 2008. My husband passed away on Feb. 19, 2008. His share was $30,189. Will I have to pay tax on this? I turned 60 in July, 2008, and the following month started receiving my survivor benefits. ()$970 monthly) We did not own a home prior to his death. I also received half his pension, plus my own small pension. I estimate total income for 2008 will be $6,500.00.
The correct amount regarding my income for 2008 is $10,484. Please work with this figure instead. Thank you.
Hi anncec
As you have inherited your husband's share of property, you will have to pay taxes on this inherited property. You can consult a tax adviser who will be able to give you an idea about the amount of taxes you need to pay.
Thanks
As you have inherited your husband's share of property, you will have to pay taxes on this inherited property. You can consult a tax adviser who will be able to give you an idea about the amount of taxes you need to pay.
Thanks