tennessee Asked March 2010

I was given some property gift taxes that are owed on. Am I or the estate responsible for those being paid?

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EXPERT Carol Bradley Bursack Mar 2010
I believe the estate is responsible but you should have an attorney's opinion on this.
Carol
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EXPERT Jon P. Beyrer Dec 2011
The estate, not you, is responsible for paying any gift taxes. However, there will only be gift taxes if its a very large estate. In 2011, decedents have a $5 million exemptions from estate taxes.
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JonBeyrer Dec 2011
The estate, not you, is responsible for paying any gift taxes. However, there will only be gift taxes if its a very large estate. In 2011, decedends have a $5 million exemptions from estate taxes.
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