Hi Everyone,
I recently collected from my fathers estate. I was not the executor of the estate just received moneys from the estate. Would I have to pay taxes on the for 2006 tax time? If so would anyone know how much of a % I should estimate should come out??
Thank you in advance....
2006-08-31 05:03:07 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Probably. But how much did you received?
2006-08-31 05:08:13 · answer #1 · answered by alfonso 5 · 0⤊ 0⤋
I would consult an accountant. You'll have to pay tax, that's for sure. I live in NY and inherited some money from a relative in NJ and had to pay 25%. Each state is different.
2006-08-31 05:09:47 · answer #2 · answered by canela 5 · 0⤊ 0⤋
most Nobody has to pay inheritance tax in the USA if the property ownership is transfered as a gift while alive as i did in texas. although late for you it would be intersting to check that option in new york..you could have saved a buddle. it is the best way to screw the tax collectors. perhaps it would be a good idea to get their expressions on video. i know i would enjoy seeing that & replay replay & replay
2006-08-31 05:23:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You need to see a good professional tax advisor...
The bureaucrats & politicians will screw you out of as much of
your inheritance as they possibily can...
Support the Bush / Republican efforts to reduce inheritance taxes.
2006-08-31 05:09:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
by joe you wil
2006-09-01 03:32:14 · answer #5 · answered by Anonymous · 0⤊ 0⤋
no i dont thin k so it only applies in britain
2006-08-31 05:08:34 · answer #6 · answered by Anonymous · 0⤊ 1⤋