estate taxes My question is with respect to estate taxes which I have been named administrator for. My father passed away 3 years ago and had no taxable income or other assets that I was aware of at that time. Approx. two and a half years later I was informed by my Uncle that he was looking to sell a piece of property that he and my now deceased father were given power of attorney over by my Grandmother. The property was to be sold with my father's siblings equally sharing the proceeds of my father's half of the property transaction. My father resided in New York when he passed and the property he was 50% owner of was in Pennsylvania. I reside in New Jersey and was asked to be the administrator by my other siblings. The property sold for $50,000 and after attorney fees to set up the estate to sell the property, real estate transaction fees and other fees, the total amount my father's estate received was $18,488.00. I am at a total loss with how to disperse the funds to the rest of my family without knowing what the tax implications are. Are there any deductions that can be made and what percentage of taxes need to be paid before I distribute any funds to my brothers and sister. I would greatly appreciate any help in this situation.
Shawn |