I have several houses I rent out and of course would look at selling in the Future. I am not quite sure on the legalities of the Inheritance TAx
216754
You need to see an IFA (Independent Financial Adviser.)\n\nThere are ways in which to reduce/ mitigate your liability, but rules around these have changed in the recent budget. If you are looking to sell these properties, you will be left with more liquid assets, and therefore more choice. Certain trusts may be useful, nil rate band planning (if you are married), gifting monies. . . the list is endless.\n\nAn IFA will not normally charge for initial consultation, but will advise you thereafter of your options if they give you advice. (Commission and/ or fees)
617308
It will be in your best interest if the estate gives you a deed for the property and you sign a mortgage back to the estate for the loan.  \n\nThis can be a complicated transaction so I strongly recommend that you retain a real estate attorney to handle it for you.  The fee should not be that high and it will be worth it to make sure that your intentions are carried out properly.
236062
Go to the site below and click on the state the inheritance would be in and see if you have anything.  It is worth a try.
506131
It appears that you are dealing with a probate issue as well as issues related to ownership of property. \n\nI would suggest that you seek legal advise, in the form of a lawyer, or mediator. The legal issues are complex and technical, as the will will likely will have given direction, but clearly has not resolved issues. this will therefore have to be contested, and unless the other parties are willing (which does not appear to be the case) this will become a complex and time consuming situation.\n\nAt $ 100. to 150. per hour (or more) you can see that it would become very expensive to resolve this matter. \n\nanother approach may be to suggest to the other parties to have the property appraised by certified appraisors (not realtors)\n(each party to do their own) and agree that the average is the base price to work from, and then to use this number as the value from which you all negotiate a buy out at terms that work for all parties.\n\nKeep in mind that neither of the parties may be able to come up the money to buy any one or more parties out,so it may require each of the parties to become creative and allow for some private mortgaging to one or an other.\n\nI assume you are all family in some fashion or another, so the emotional side of all this is another consideration and may make my suggestion something that allows each of you and the respective family to move forward and keep relations civil and constructive.\n\nTher is likely little incentive by the parties using the property to resolve the matter, but if everything else fails the courts will have to resolve the matter, and trust me "everybody will LOOSE".\n\nGood luck
641043
Depends...state specific question. Contact your local Association of Realtors.
190387
You will need a WILL, beacuse you'll be dead meat. Do not sell with out a realtor or at least talking to an agent. Most agent would be glad to set you up with paper work and review it for no charge or a small fee in hopes for you doing business with them. Or pay more and talk to an attorney.
229196
Not if you have a clause that states when I could sell the property.  If not, where is the property located
108635
You do not pay taxes when you inherited the land. If and when you sell the land that's when you pay taxes. If the Land is worth 20,000 now and in 5 yrs you sell for 25,000 you only pay taxes on the 5,000. Hope this helps
18497
I'd take the house - you can rent it out and have income.  If it burns down, you still have the lot value.  If you take the car, once it is ruined, it is gone.  The value in the car is in your ability to liquidate the asset, and to do that, you must find a buyer ready, willing and able to purchase the vehicle. The real estate has the potential to increase in value and is useable.  The vehicle seems more of a liability, and is impractical, unless you want to rent it out for weddings, etc.  Nonetheless, you still run the risk of depreciation every time you drive the vehicle out of the garage.  It's not like you can drive that car to the supermarket.  Of course, if you're looking to liquidate quickly, and have a qualified buyer, take the car, provided it is worth more than the house.  As an attorney, I can PROMISE you that the cash inheritance is NOT tax free! (Its called "estate tax") I'd say skip the cash, because you can liquidate both the other choices and yield more than the cash after taxes.
670018
I would probably first go to your city and county offices and check to see if there are any properties that they own that they are looking to revitalize and see if they can work out a deal for you even if it is temporary.  You might also want to go to the local chamber of commerce and see if they can put your need into their newsletter or other communications as some businesses may have space that they would be willing to donate as a tax write off.
241359
Unfortunately, you can only roll it over into another investment property (Like-kind exchange)  Applying it to your residence will not work.  You have sixty days (before or after the closing) to identify another property and 180 days to close on it.  If you held the property for investment (say yes) and held if for over 12 months, you will pay tax on it at the lower capital gains rates. If you held it for less than 12 months, it is considered ordinary income and is taxed at your regular rate.  If it is less than a year, see if the buyer will wait until the year is up.  Give them soem money back at closing to compensate them for waiting.  It could be worth your while.  To see what the tax might be, use your tax software to estimate what your tax would be.  Sorry to hear about the medical problem, I hope everything works out.  Also, ANY profit is a good profit!!!!!
539570
Go to the county office, the county secretary or clerk should be able to help you. They usually have a lot of properties left over after the tax auctions. I'm about to start purchasing some of these homes myself from different counties. I hope this helps you
578887
Do not stress because if your properties go to your husband they are spouse exempt for inheritance tax. So no tax to pay.\nAlso any gains on them for captial gains tax are also wiped out on your death.\n\nPlease get a will do not leave this the administration of estates act 1925.\n\nYou may worth getting advice about how to efficiently tax plan on your husbands if he dies first, spending money now will give you the peace of mind that if something should happen to you or your husband there would be the bare minimum liability to tax.\n\nYour husband may have to pay income tax on any rental income received so be wise this aspect aswell.
547331
Uuummmmm, hello...if it is your house and you don't want to sell anything, then don't. Besides...the longer you keep all that, the more it will be worth anyway.
453003
The following web site will tell you something about New Jersey estate tax.  As you will not none of the decedent's property can be transferred without dealing with the estate tax issue.  Your relative may have had an executor that would have handled all of this but we are just guessing without more information.  If you are attempting to deal with these issues for the estate I would suggest that you get some professional help.\n\nhttp://www.nj.gov/treasury/taxation/index.html?estatetax.htm~mainFrame
159013
If you sell it now, you will pay capital gains.  If you wait until it's in his estate and the estate sells it, you may not pay any estate tax at all, depending on the value of the estate as a whole -- currently, an estate tax exemption applies to estates with a value of up to $2 million; and in 2009 this increases to $3.5 million; and then in 2010 the estate tax is "repealed" altogether.  (See Smart Money link below.)  I say "repealed" in quotes because in 2011, the law sunsets and estate tax rates go back to what they were when the law changed (I believe that was 2001).  So if the estate is opened between now and 2010, you may not pay estate tax at all.  And of course, Congress could extend the law between now and 2011.  So, there is some uncertainty involved.\n\nThe above addresses federal taxes.  You'd also have to check to see if your state levies an estate tax, some states do.\n\nBut one thought -- with the uncertainty above, you might consider having your dad put the land in a trust.  This could be used to avoid estate taxes AND avoid the probate process.  The trust beneficiaries would receive the property at his death with a "step up in basis" -- meaning if they turned around and sold it after he died, their gain would be based on the land's value at the time of his death and NOT its value in 1920.  (See paytaxeslater.com link below.)  In fact, if your dad hasn't already done so, he might consider this approach for all or most of his assets.\n\nYou should run this by an experienced estate and trust atty where you live, with some planning now you might save some taxes.
503804
You would have to transfer ownership of the house to the corporation. This would probably  be a taxable gain for the corporation so I don't think it would be a good idea.