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

Tax Question - Probate Tax Matter In Tennessee

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Living In Thailand  – Need To Pay Probate Taxes In Tennessee 

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.



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One thought on “Tax Question – Taxpayer Living In Thailand Needs To Pay Probate Taxes In Tennessee

  1. Avatar Ed Dwyer says:

    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 (“the 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 evidence”); Tech. Adv. Memo. 199933001. See also Hawkinson, T.C. Memo 1972-32 PH TCM ¶72032 31 CCH TCM 124 (upholding the validity of Treas. Reg. § 1.1014-3(a), but characterizing it as establishing only an evidentiary presumption).

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