Tax Question – Taxpayer Living In Thailand Needs To Pay Probate Taxes In Tennessee

Tax Question - Probate Tax Matter In Tennessee

TaxConnections asks our community of tax professionals to help answer this tax question for one of our site visitors. Can you help?

When you are a member and answer our visitors tax questions we give you credit by promoting you and your tax expertise.

Living In ThailandĀ  – Need To Pay Probate Taxes In TennesseeĀ 

I have taxes to pay on the sale of property I inherited through a probate which levied the value of the property as it was 54 years ago. Accordingly the original value of my property was $15,000, but I sold it for $300,000. Is there a better way I can be accessed for taxes than the $285,000 it appears I must manage now?

Please leave your comments below as to how you would advise him.

 

 

TaxConnections Admin

TaxConnections is where you will find leading tax experts and resources worldwide. Please join us at: https://www.taxconnections.com/membership/sign_up

Subscribe to TaxConnections Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.



1 comment on “Tax Question – Taxpayer Living In Thailand Needs To Pay Probate Taxes In Tennessee”

  • IRC Sec 1014(a). So, if its valuation on the inheritance filing in TN understated the property’s fair market value (FMV) and if no appraisal was made of the property as of date of death (DOD) because the estate was not of sufficient value to require Federal Estate Tax Return to be filed on Form 706,, then you may use its actual FMV if you can demonstrate that by clear and convincing evidence-i.e., by a DOD valuation by a competent and disinterested real estate appraiser..,See Rev.. Rul. 54-97, 1954-1 C.B. 113 (ā€œthe value of the property as determined for the purpose of the Federal estate tax shall be deemed to be its fair market value at the time of acquisition. Except where the taxpayer is estopped HIS previous actions or statements, such value is not conclusive but is a presumptive value which may be rebutted by clear and convincing evidenceā€); Tech. Adv. Memo. 199933001. See also Hawkinson, T.C. Memo 1972-32 PH TCM Ā¶72032 31 CCH TCM 124 (upholding the validity of Treas. Reg. Ā§ 1.1014-3(a), but characterizing it as establishing only an evidentiary presumption).

Comments are closed.