Do I have to pay taxes on a estate/property inheritance?
The property was later sold, I was unaware of any taxes or tax penalties. Is there any allowance for it being a first-time inheritance? I can not afford to pay it so any help you can offer is appreciated.
Answers | 2
Different types of property have different applicable tax rates. While your question appears to be concerned with income taxes, it also could be questioning inheritance or estate taxes. For the most part, inheritance and estate taxes are only chargeable against the estate and not the individual beneficiaries. However, you need to consult with your own tax professional, as each state has different rules.