Zachary S. asked
Need help with splitting the assets of the will of a deceased parent. Parent split all assets (home and $ in accounts) 70/30 between me and a sibling of mine. My 30% is worth more than the $ in my parents accounts, thus I have some % of what the house is worth. My sibling would like to keep the house, but pay out a lump sum and basically buy me out of my 30%. If we were to do that, would the money I receive be taxed? Or considered inheritance which I don't believe is taxed in my state?
May 4th, 2024
Jane N. answered
Buying out your share of the house would not be taxed differently from the rest of the cash portion ...
May 4th, 2024
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