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answered on Nov 15, 2020
As part of the settlement procedure, you should purchase title insurance. The title company as part of its due diligence will have a debts, taxes due and tax liens, mortgages and encumbrances, etc. removed at the time of settlement to insure good title to the buyer. This is done by the title... View More 
She died with no will, hence probate court. She had no kids and her husband died 4 years before her, she has no siblings.
We are in Michigan. Everything was sold and put into "Estate of" bank account. When this is closed, which is in next couple weeks, do we pay taxes on the money... View More
answered on Nov 17, 2020
Generally, gifts and bequests are not taxable income. However, if the estate generated normal taxable income from interests, dividends and capital gains, then there could be taxable income on these items. The amount of income of the estate would be the net income after the estate takes its... View More
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