Disclaiming Inheritance Tax Implications

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Summary

Disclaiming an inheritance in Indiana requires filing a disclaimer within 9 months of the decedents death and not accepting any benefits from the property. The disclaimer must be filed in probate court. Tax laws vary by state, so it is advisable to consult a local tax professional in your state for specific tax implications.

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My mother passed away in *. No will was left. My brother lived in the house until now. He wants to sell it. My sister and I want to disclaim our part of the inheritance on the house. Will we have to pay anything on our taxes?
Hi Jessi, to provide you with the most accurate information, could you please tell me which country or state you are located in?
USA
In the USA, disclaiming an inheritance is generally not a taxable event. But tax laws vary by state. It would be best to consult a local tax professional. They can provide advice based on your specific circumstances and local law.
the house is in Indiana, I live in Tennessee and my sister lives in Mississippi
To disclaim inheritance in Indiana:
- You must file a disclaimer within 9 months of the decedent's death.
- You cannot have accepted any benefits from the property.
- You must file the disclaimer in the probate court.
However, tax laws vary. Consult with a local tax professional in your state.