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T
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?

EXPERT Carol Bradley Bursack, CDSGF Mar 2010
I believe the estate is responsible but you should have an attorney's opinion on this.
Carol

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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