Just in generalities. I’m going to head to the nearest financial broker, accountant, tax-guy as soon as the tallies are all in and probate does their thing.
There was a will, all assets to be divided between four siblings.
The basic assets are;
personal property to be sold (furniture, collectibles, antiques, etc)
bonds to be cashed
two cars to be sold
one house, which is paid for and in the clear
I haven’t spoken to a professional anything yet, but I want some talking points and some background info so I can understand the basics and have a somewhat level understanding without plowing through books, tax laws and such.
Some of the things rattling around in my head are;
Captial gains tax - Does that apply to inherited property and the eventual sale? And how does splitting it four ways matter? Also, will the tax apply to the difference between the original purchase price and the eventual sale price (bought in 1950 and the difference estimated to be about $150,000)
Cash - can some be considered a gift for tax reasons?
Personal property - sold and lumped in with cash?
Bonds - sold and lumped in with the above two?
Cars - sold and lumped in with the above three?
We also plan on doing some modest renovation to the home, about $8,000 worth, if that matters. New carpet and flooring, paint, and some other small stuff.
Thanks for your meager guidance in this matter!