Probate-Probate Court

N H asked:


Mother recently passed away in Michigan, leaving a will and her house. An appraiser has looked at the house and that will be filed with probate court on the inventory. Does that amount then become the new cost basis? I had read somewhere that the cost basis could be the sale price of the house? Also, can the heirs claim a loss on the sale of the house? Thank you so much for any answers.

Gussie Bodor

loviedovie1965 asked:


How does probate work? What exactly is the timeline – in Washington state?

Tona James

The Guy asked:


What does it mean to probate an estate? Did I say it right? How does it affect my inheritance?

Elvis Knightly

In Massachusetts asked:


Hi,
A relative passed away, leaving me their house. The estate has to go to probate first, this has not been started yet. We received a notice that there are 2 years of back taxes due, and that the town is going to take the house if the taxes aren’t paid. Who is responsible for the bill since it hasn’t gone to probate yet? Can the town take the house in this situation?

Lorean Eberst

daisydo asked:


Small Estate. Sister deceased , siblings are the beneficiaries. Older sibling appointed as excecutor , the value of estate is less than $ 130.000.00.. there are no outstanding debts due all have been paid …we assume once a person dies is there 8 months to files form 706 for tax purposes.. We are not selling the house at this time should the value of the house be included in the calculation at the time of reporting? which would make the estate at time of death correct .less than $140 thousand.

Brooks Finan

churlish_imp asked:


A specific reference to site would be helpful.

Even if part of an estate had a 50% death tax, over a few decades, wouldn’t such a sum, invested, and interest compounded, dwarf the immediate cost of taxes?

Mohamed Vicic

Ruby R asked:


My father died in 2006, and I have a vehicle in my possession that is in his name, but I was making the payments on, part of the reason is b/c he had a large amount of debt and most certainly the vehicle would have been liquidated to cover the debt. Now I have moved and I need to get the vehicle on the tax rolls in order to pay personal property tax. Originally I was told that sending a letter with this information would be sufficient but now I’m being told that it is not. What options do I have? I live in Missouri.

Erica

ninan asked:


How do I assign it to my spouse and avoid probate

Meghan Johansson

littlejohn asked:


My wife’s aunt died and left my wife, her brother and her cousin sole heirs, ( by will), to her home and any incidentals. The home and everything probably are valued at approx. $45-50 thousand.
All they want to do is satisfy the tax debt and and recover our cost of upkeep for the house with the sale of home.
Everyone lives in Texas.

Shayne Jarels

littlejohn asked:


My wife’s aunt died and left my wife, her brother and her cousin sole heirs, ( by will), to her home and any incidentals. The home and everything probably are valued at approx. $45-50 thousand.
All they want to do is satisfy the tax debt and and recover our cost of upkeep for the house with the sale of home.
Everyone lives in Texas.

Francesco Zwickl