I am an only child, she did not have a will or PoA but I was made executor of the estate through the court. will there be California State and Federal taxes due on the net proceeds?
generally inheritance is not subject to federal tax, and California does not have a inheritance tax law either. I am changing the tag to tax law so you get better answers.
California does not have an inheritance tax. Unless the proceeds exceed $5,340,000 there will not be a federal estate tax. If the home was sold at the date of death fair market value there will be no capital gains tax.
I agree with Mr. Givner. It is possible but highly unlikely that tax could be due if there was a long delay between your mom's death and the sale, but that does not seem to be the case here.
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