2006-07-18 21:39:25 · 7 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
I wish I could say no but, Yes you do. And the state you live in will want a chunk of it too.
You should talk with a CPA.
2006-07-18 21:44:42 · answer #1 · answered by anthony c 2 · 0⤊ 0⤋
Actually no you do not need to claim it. Right now a bill is trying to make its way through congress so the gov can get the right to collect on big inheritance. So dont claim, unless you love uncle sam enough to give him 1/2 that inheritance.
2006-07-19 04:57:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
yes... it's called double taxation. The income gets taxed first when it's earned and then again when you die and leave it to someone. Actually it's more like triple taxation because you pay state inheritance tax AND, depending on the size of the inheritance, federal estate tax.
2006-07-19 05:48:49 · answer #3 · answered by scubalady01 5 · 0⤊ 0⤋
Yes, it is sometimes referred to as a double tax or death tax.
So save 1/3 of it, cause the government will want their share.
2006-07-19 04:45:55 · answer #4 · answered by Jon H 5 · 0⤊ 0⤋
Yes! The government really frowns on us keeping any income they havn't taxed!
2006-07-19 04:43:50 · answer #5 · answered by Carolyn T 5 · 0⤊ 0⤋
In the US, yes, NOTHING escapes the taxman!
2006-07-19 04:42:43 · answer #6 · answered by Paul P 5 · 0⤊ 0⤋
yes taxable
inheritance tax
shut up Paris .. just roll with it
dammit
2006-07-19 04:42:46 · answer #7 · answered by Pondering Reality 3 · 0⤊ 0⤋