Celeste, TX asked in Tax Law for Oklahoma

Q: Mom died last year the deed was quit claimed to my sister to sell and split 3 ways shouldn't this be an inheritance

She has sold the house so shouldn't each of us pay there own taxes based on fair market value of the home at the time of death and how do you get the fair market value.

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1 Lawyer Answer
Doak Willis
Doak Willis
  • Tahlequah, OK
  • Licensed in Oklahoma

A: The fair market value is determined by an appraisal or by relying upon a Realtor you can trust to set the price to ask when selling the house. When the proceeds of the property are split between the heirs, they will each pay tax on their amount they received. Since there was no probate no estate taxes would be due and unless the estate was huge, no estate taxes would be due anyway. If the property was quit claimed prior to death, it would not be an inheritance.

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