2006-10-02 07:12:18 · 7 answers · asked by Boomish 2 in Business & Finance ➔ Taxes ➔ United States
Inheritances is generally not included in federal income tax. However, you didn't include the information of where the money came from. If the $100k is part of pension, IRA, estate or trust income or other investment income, then it could be taxable to you.
For more detail check out Page 87 of IRS Publication 17 http://www.irs.gov/pub/irs-pdf/p17.pdf
The state of MA does not have inheritance tax.
http://www.retirementliving.com/RLstate2.html#MASSACHUSETTS
Best wishes.
2006-10-02 07:40:20 · answer #1 · answered by JQT 6 · 0⤊ 1⤋
There is never a Federal tax on inheritances. Any tax would be paid by the estate before you inherit anything. If $100,000 is the entire estate, there would be no Federal estate tax due. I couldn't find a reference the inheritance tax on the MA department of revenue site. MA does have an estate tax, but I don't know when it kicks in.
2006-10-02 13:11:34 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
You don't pay federal taxes on an inheritance that small. The deceased's estate might have had to pay taxes if it was over $1 million.
I don't know about MA state taxes.
2006-10-02 07:15:57 · answer #3 · answered by roguetrader2000 3 · 0⤊ 1⤋
Go To: http://www.irs.gov/faqs/faq4-7.html
2006-10-02 07:18:28 · answer #4 · answered by littlebettycrocker 4 · 0⤊ 1⤋
If the companies have been hiring, their would not unavoidably be tax hikes coming. they desire tax cuts, create jobs in u.s.. The extra jobs they export, the better their taxes will bypass, too.
2016-10-18 08:57:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Call a CPA(Certified Public Accountant) in your area for help on that.
2006-10-02 07:16:43 · answer #6 · answered by trancegoddess2001 3 · 0⤊ 2⤋
You'll most likely end up owing more than you get...
2006-10-02 07:19:25 · answer #7 · answered by Anonymous · 0⤊ 2⤋