2006-07-31 10:05:53 · 5 answers · asked by machranger2006 2 in Business & Finance ➔ Taxes ➔ United States
No. Unless it was put in a trust and held there. then you would receive a Form 1041 Schedule K-1 with the income earned on the inheritance.
The estate will pay the taxes on the money prior to its distribution to the heirs. So once you receive it, all taxes have been paid on it. You will be responsible for the taxes on the income AFTER you receive it. Sorry for you loss.
2006-08-01 07:54:05 · answer #1 · answered by extra_37 4 · 2⤊ 0⤋
There is no Federal tax on inheritance. The estate may have to pay estate tax before you receive anything. At the state level, it varies, and I don't know.
2006-07-31 17:41:04 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
yes its called an inheritance tax the amount may differ from state to state though
2006-07-31 17:10:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
call you state tax services don't take anyones word for it ask for a copy of the law concerning inheritance age makes a difference from expen get a copy or go to a leinced cpa
2006-07-31 17:09:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Inheritances are not taxed...however there might be an estate tax if it applies.
2006-07-31 18:35:00 · answer #5 · answered by Josh 4 · 0⤊ 0⤋