Michelle R. asked
My brother signed a promissory note to my father to buy his land. My father instructed my brother to keep the money and give the remaining $300,000 to my sister and myself when he died. Now that my father has passed away and my brother is the executor of the estate, he wants to pay off the promissory note and write a check to both my sister and myself for the remaining amount. If my brother writes me a check from his personal account, can I claim it as inheritance from my father and not pay taxes on the money, or should my brother pay the money into the estate as an asset to the estate to be distributed so I will not have to pay inheritance tax?
May 7th, 2023
Virginia H. answered
Regardless of how the transaction is handled, you would not be subject to inheritance tax because th...
May 7th, 2023
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