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"Inheritance tax question"

  • Kimberly67
    Posted: Jun 27, 2010 05:00 PM
    Flag for inappropriate language
    Petoskey, MI
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    My grandmother passed away 2 months ago. Her house is going up for sale. My grandmother had 4 kids who will split the money from the sale of her house. It might be about 100,000 each. My uncle (not my grandmothers child) is taking care of all the paperwork. He told my mother that after the house sells she should get about 70-80,000 after taxes. Im thinking she should get close to the 100,000 after money is taken out for the realtor. The house is in New York, my mother lives in Michigan where its my understanding that in Michigan she wont have to pay inheritance tax. In NY they might. Im afraid my uncle is possibly being dishonest with the rest of the family about the inheritance. My mother knows very little about financial dealings. Does anyone know if she will have to pay any taxes on the money she will get from the sale of the house? How about annuitys and CD's? Thanks.


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