What is the statue of limitations on paying taxes on an inherited property ?

Asked about 1 year ago - Philadelphia, PA

My grate grandfather passed in 1987 he left me and my siblings two properties, we'll be going to settlement soon. We'll we have to pay inheritance tax.

Attorney answers (3)

  1. Paul Rutledge Durr III

    Contributor Level 15


    Lawyers agree

    Answered . The estate taxes were due within 9 months of death. If an estate tax return was never filed, then the statute of limitations has not started. Hopefully there is some information that you are missing here, talk with an attorney.

  2. Leonard L. Shober

    Contributor Level 8

    Answered . You will have to prove that you filed and paid inheritance taxes in order to clear title. If you cannot show a return or assessment from Dept of Revenue, the title company will likely hold the estimated taxes in escrow until a return is filed.

    Please do not construe this answer as legal advice. I do not intend to render legal advise since I do not have... more
  3. James S. Tupitza

    Contributor Level 18

    Answered . If you do this the technically correct way, you will get an appraiser to give you the value in 1987 and you will calculate the tax, the penalty and the interest. There is a was to cut the corner. I often make a deal with the Dept of Revenue to pay a percent of the current sale price for a get out of jail pass. You will need a lawyer to help you.

    DISCLAIMER The response given is not intended to create, nor does it create an ongoing duty to respond to... more

Related Topics

Inheriting property

Inherited property is property that you receive after someone has died. You may inherit property according to the person's will or under your state's laws.

Real estate

The term real estate means land and items permanently attached to it, like buildings. This area of law deals with who has the right to own and use these items.

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