Question

If property is sold and money divided among children what is tax liability

Answer 1

Answer:

Inherited assets (cash or property) are not taxable to the beneficiary recipient. However, if the asset is sold by the beneficiary recipient, then you must establish the FMV of that property on the date the original owner passed, NOTthe date you inherited it.

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Answer 2

Answer:

It is the property of sold and money divided among children is tax liability.. ..❣️