Friendswood, TX asked in Immigration Law and Tax Law for Texas

Q: I have green card and I own a house in TX, value of 1 m $. Do my inherits will pay inheritance tax? how much?

Related Topics:
1 Lawyer Answer
John Michael Frick
John Michael Frick
  • Frisco, TX
  • Licensed in Texas

A: Texas has no inheritance tax and is highly unlikely to adopt one.

Our federal government has vacillated between having no estate tax to imposing an estate tax with an exemption. This is not imposed on an asset by asset basis, but rather on the amount of your entire estate.

In recent years. the exemption has been unlimited for a spouse and above $5 million for other heirs. But this could change at any time with each new Congress. Whatever the law is when you die will determine the amount of any applicable federal estate tax and the amount of any exemption.

Some nations similarly impose estate taxes on their citizens. Some include assets held outside of their borders. So you probably should also consult an attorney in the nation of which you are a citizen to determine if it will tax property held in Texas if you die.

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.