2006-07-21 10:00:51 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Ask a lawyer.
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2006-07-23 05:55:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Assets received through inheritance aren't taxed to the recipient. However, the estate may owe estate tax if the estate is valued at over $1.5 million (for a decedent who died during 2005). I don't know how much money you're talking about, but if you think it's anywhere near that $1.5 million mark, I suggest you find a lawyer and a CPA. There may also be a trust return to be filed if these assets are generating income. This can be messy if there's big bucks involved. Seek professional advice!
2006-07-21 11:20:48 · answer #2 · answered by SuzeY 5 · 0⤊ 0⤋
There may be no taxes to pay, depending on how much it is and where you live.
You can decline the money, but this is probably not what you were after.
There are things the parent can structure to minimize the taxes, but there is little you can do as a recipient. Talk to a local lawyer who works in estate and gift tax to see what you are facing.
2006-07-21 10:04:46 · answer #3 · answered by Steve W 3 · 0⤊ 0⤋
It depends. There will be no federal inheritance tax if your parents left less than $2,000,000 but there may be state inheritance taxes due.
If they left 401k or IRA money, it will be taxed to you at your income tax rate when you withdraw it.
2006-07-21 10:30:04 · answer #4 · answered by ps2754 5 · 0⤊ 0⤋
You as someone will pay no tax. however, the valuables has to pay all sorts of tax earlier the money are released. Capital property is deemed to were offered at honest marketplace fee. no matter if there might want to be capital features taxes relies upon on what it truly is, and replaced fee base. critical position of abode case in point might want to don't have any tax collected. Then there are probate costs which variety in accordance to correctly worth of property and province of position of abode. So even with the very incontrovertible certainty that the valuables might want to were properly worth $a million.000.000 or more effective on the time of lack of existence, you may want to obtain a great deal a lot less. it might want to be extremely trouble-free or fairly complicated counting on resources, age of heirs etc property planners earn their residing helping households set up their affairs to ease contract of estates. it might want to be really properly really worth the costs. i recommend chatting with someone at TD Canadatrust to get a experience in case you want that style of provider,
2016-11-25 00:43:09 · answer #5 · answered by ? 3 · 0⤊ 0⤋
It depends on the size of the inheritance and the state in which you live. I do not recall the exact figures but something over a million dollar in an estate is not taxable. Please see your tax adviser.
2006-07-21 10:03:36 · answer #6 · answered by kearneyconsulting 6 · 0⤊ 0⤋
Nope...inheritance tax baby. Pay up.
2006-07-21 10:02:53 · answer #7 · answered by Quasimodo 7 · 0⤊ 0⤋
Be nice and pay taxes. You owe it to your country
2006-07-21 10:03:41 · answer #8 · answered by Dan 2 · 0⤊ 0⤋
If your parent died this year, the first $2,000,000 is exempt from federal taxation.
2006-07-21 10:04:34 · answer #9 · answered by FriendlyHelper 3 · 0⤊ 0⤋
If you have a joint account before they die.I have been there. I am an an adult orphan.
2006-07-21 10:03:26 · answer #10 · answered by Anonymous · 0⤊ 0⤋