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.
A:
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
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
