form probate unless there is concern that the will may be contested. If a will is not challenged within the legal timeframe, the probate process is generally straightforward.
Taxes on Inherited Property
Understanding tax obligations is crucial when selling an inherited home. Tax laws vary by state, but the primary taxes that may apply include: • Estate Tax: Applies to large estates exceeding federal or state exemption limits. • Inheritance Tax: Some states tax heirs based on their relationship to the deceased. • Property Tax: Heirs assume responsibility for ongoing property taxes upon inheritance.
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