My Grandfather deeded all of his land to my mother back in the 80's. It stated that he and my Grandmother had lifetime use. My Grandfather passed away in 2000 and my Grandmother just passed away a year ago. My mother is now being told that she needs to pay inheritance tax on all of this land...we live in Nebraska...is this true?
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Yes you need to pay the inheritance tax. It is basically a name which arise on the death of an individual. And most of the authorities will require you to pay the tax first.
answered 12 months ago
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You definitely want to talk to a CPA about this. I believe, however, that taxes are owed on the portion of value exceeding either $1,000,000 or $2,000,000 depending on the year and exact timing. Actually, they way the IRS does it is it says you have to pay taxes on the estate, but you get a credit of $345,800, which effectively exempts the first million.
answered 12 months ago
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