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Living inheritance / estate transfer tax in Louisiana - Question
Posted on 4/4/23 at 2:04 pm
Posted on 4/4/23 at 2:04 pm
Does Louisiana have a living inheritance ./ estate transfer tax? If so, what is the % and if there is a %, at what amount does it kick in?
The scenario would be buying a childs share of the estate.
The scenario would be buying a childs share of the estate.
2
Posted on 4/4/23 at 2:17 pm to VermilionTiger
Louisiana does not have an inheritance tax. Federal government does, 40% at 12.92 million. The estate is generally burdened with the tax not the heirs.
Posted on 4/4/23 at 2:29 pm to JonTigerFan11
I’m mainly talking about estate transfer (to child) tax
This post was edited on 4/4/23 at 2:32 pm
Posted on 4/4/23 at 2:48 pm to VermilionTiger
Louisiana doesn’t impose any taxes on the transfer of property from a deceased person to their heir. Neither does the fed gov. The fed gov does impose an estate tax on the transfer of property from a deceased person to their heirs. Generally no income tax on inherited property either, but benefits from that property (ie, future income) will be subject to income tax.
Posted on 4/4/23 at 2:55 pm to JonTigerFan11
quote:
Louisiana doesn’t impose any taxes on the transfer of property from a deceased person to their heir. Neither does the fed gov.
Okay, thanks.
But it would be a transfer from a living parent to an heir
Posted on 4/4/23 at 2:57 pm to JonTigerFan11
So it’s taxable
Does that fall into the $16,000.00 max category?
Does that fall into the $16,000.00 max category?
Posted on 4/4/23 at 3:02 pm to VermilionTiger
17k for 2023 so 34k per married couple. It depends on the value of the gift. It’s also not taxable if the parents have any of their 12.92 (roughly 25 million together) federal exemption left.
Posted on 4/4/23 at 3:21 pm to JonTigerFan11
So if you inherited property and later sold the property, would you pay taxes on the whole amount?
Posted on 4/4/23 at 3:32 pm to LSUSports247
You get a stepped up basis at death. If the FMV of property was say 1 million at deceased DOD and you inherited it and subsequently sold it for 1.5 million, your pay taxes on the 500k capital gain.
Posted on 4/4/23 at 5:16 pm to VermilionTiger
No inheritance tax.
The State of Louisiana phased out the inheritance tax years ago.
The only tax that comes in to play is the Federal Estate Tax which has an astronomical exemption before it kicks in.
No offense, but the fact that you are asking us this question indicates to me that you probably fall below that exemption.
No taxes owed.
The State of Louisiana phased out the inheritance tax years ago.
The only tax that comes in to play is the Federal Estate Tax which has an astronomical exemption before it kicks in.
No offense, but the fact that you are asking us this question indicates to me that you probably fall below that exemption.
No taxes owed.
Posted on 4/4/23 at 5:25 pm to VermilionTiger
quote:
So it’s taxable
Can you add some more details about what you’re trying to do?
Are you buying the estate interest of a child?
Posted on 4/4/23 at 7:03 pm to slackster
quote:
Can you add some more details about what you’re trying to do?
Are you buying the estate interest of a child?
I’m selling my share of the house to my mother. Both of our names are on the house.
Posted on 4/4/23 at 7:14 pm to VermilionTiger
quote:
I’m selling my share of the house to my mother. Both of our names are on the house.
How did you acquire your share?
Posted on 4/4/23 at 7:17 pm to LSUFanHouston
My father passed away 15 years ago and my mother put my name on half the house.
This post was edited on 4/4/23 at 7:18 pm
Posted on 4/4/23 at 8:29 pm to VermilionTiger
You’ll need to consult an EP attorney. There’s not enough info at present but I wouldn’t ask the TD money board in this case. If in fact your mother inherited the house outright from your father, then subsequently transferred 1/2 of her full ownership to you, she gifted 1/2 of the house to you and your basis is whatever basis she had in the 1/2 of the property gifted (in this case, the fmv of the property at your dads death because she got a stepped up basis then). Because this happened 15 years ago the property has likely significantly appreciated and you’ll have a large cap gain.
Posted on 4/4/23 at 9:17 pm to VermilionTiger
quote:
I’m selling my share of the house to my mother. Both of our names are on the house.
I have a suspicion you’re a naked owner of the house, which is not exactly the same as being the owner. You should check the JOP that gave you possession of the house to be sure.
This post was edited on 4/4/23 at 9:19 pm
Posted on 4/4/23 at 9:35 pm to slackster
Agreed. You need to check the JOP. If you are the naked owner you can sell your naked ownership rights, although selling your naked ownership to your mother as usufructuary doesn’t make a lot of sense. What is the end goal behind selling back to your mom?
Posted on 4/5/23 at 10:04 am to VermilionTiger
quote:
My father passed away 15 years ago and my mother put my name on half the house.
Now we are getting somewhere. If you sell something, you have a potential gain or loss, based on the price for which you sell it, and the cost basis of that something.
THe other posters have a great comment regarding verifying what it is you are actually selling. Are you really a co-owner of the full property, or are you a naked owner of a share of the house that you inherited from your father, and that your mother has usufruct rights over.
Posted on 4/5/23 at 10:26 am to LSUFanHouston
quote:
THe other posters have a great comment regarding verifying what it is you are actually selling. Are you really a co-owner of the full property, or are you a naked owner of a share of the house that you inherited from your father, and that your mother has usufruct rights over
I’ll have to find that out
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