2006-09-06 17:41:19 · 16 answers · asked by jodi_k73 1 in Politics & Government ➔ Law & Ethics
In Canada you don't report an inheritance as "income", hence it is non-taxable but different rules in different places, I suppose.
2006-09-06 17:48:32 · answer #1 · answered by zyabzy 2 · 0⤊ 0⤋
Hi Jodi,
Try this. Call the person that does your taxes, or look in the phone book and call a tax service and ask them if you buy something like stock in a company in December and then sell it in January, is it possible you do not have to pay tax on the money until you stop doing this one year. Buy stable stock that does not make or lose but maybe a few cents.
As long as you invest each year, I believe you only pay tax on what you earn.
Always ask a professional when it comes to something as important as this.
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Lisa
2006-09-07 00:53:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not always. I inherited money from a Grandmother last year and I had no taxes to pay. It was set up as a trust, and it was a one time payment. She set it up that way purposely so that their would be no taxes. The estate lawyer should be able to answer your questions.
2006-09-07 00:58:51 · answer #3 · answered by dh1977 7 · 0⤊ 0⤋
Inheritance is taxed as a capital gain. There are some things that can be done to avoid paying or at least delaying this tax you should discuss this with a CPA or tax attorney.
2006-09-07 00:48:20 · answer #4 · answered by Jesse 1 · 0⤊ 0⤋
Absolutely. The tax on inherited money is more than normal income tax. Its call Inheritance Tax.
2006-09-07 00:45:07 · answer #5 · answered by Anonymous · 2⤊ 1⤋
If it is inherited you do have to pay taxes. I believe someone can give a gift up to $10,000 and you won't be taxed. Consult an attorney in your state.
2006-09-07 00:52:02 · answer #6 · answered by Hot in AZ 1 · 0⤊ 0⤋
Yes. It's called estate taxes. The amount, if any, will be determined by the value of the property/assests inherited.
2006-09-07 00:43:23 · answer #7 · answered by limgrn_maria 4 · 0⤊ 0⤋
if you inherit money yes, if someone gives you money as a gift it's taxed to them.
2006-09-07 00:48:31 · answer #8 · answered by whatwhatwhat 5 · 0⤊ 0⤋
Generally yes, though there are specific exceptions for in-family gifts and transfers. For details consult an attorney or accountant.
2006-09-07 00:44:12 · answer #9 · answered by coragryph 7 · 0⤊ 0⤋
Depends upon the Laws concerning such things in the state in which you live.
2006-09-07 00:46:32 · answer #10 · answered by warren10ca 2 · 0⤊ 0⤋