I was left $500,000 in a WILL,how much in taxes will I have to pay on that?
2006-09-28 10:37:07 · 4 answers · asked by spoiledsarah25 3 in Business & Finance ➔ Taxes ➔ United States
In Michigan
2006-09-28 11:36:05 · update #1
No I am nor executive of the Will.
2006-09-28 16:12:43 · update #2
I need more information. Did the estate take care of the taxes yet? Are you the executrix?
2006-09-28 12:25:02 · answer #1 · answered by johnnylakis 4 · 0⤊ 0⤋
If you have the $500,000 and it was properly distributed from an estate or trust it is yours tax free. If you have been told that someone left you $500,000 in there will, there could be a number of issues regarding that money and how it can or can not be taxed before it gets from the estate to you. Most of those issues are more complex than this forum has space to discuss and you may not have the information to provide us anyway. But should you already have the $500,000 don't forget my fee for helping you out. Just kidding!
2006-09-29 02:21:26 · answer #2 · answered by ? 6 · 0⤊ 0⤋
There are not Federal taxes on inheritances. Some states have inheritance taxes. Without knowing which state, I can't address that issue.
2006-09-28 18:08:15 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
state and federal total OOOH about 45%.........
2006-09-29 09:48:27 · answer #4 · answered by Kenshin 5 · 0⤊ 1⤋