Q: In Michigan do we pay taxes after selling deceased parents home
They had no will and we just sold it ( a few years after they passed after getting permission from courts).
There are 7 children splitting the money whom each get about $8,000 each.
They had no other assets or estate to speak of
A: Did you already pay the inventory fee to the probate court? Other than that, there shouldn't be.
Mr Geers is correct IF the house sold for the inventoried value (or less). If it were inventoried for less than it sold for, there may be capital gains taxes to pay.
The BEST person to ask this of is your attorney who handled the estate (did you have one?) as there may well be other issues that need to be addressed to close out the estate now that the property is sold.
Don't be 'penny wise and pound foolish' about this -- get some local legal advice!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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