In California, what do they usually take out for Inheritances?

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In California, what do they usually take out for Inheritances?

2006-12-13 16:12:30 · 3 answers · asked by L♥G 5 in Business & Finance ➔ Taxes ➔ United States

3 answers

The recipient of an inheritance does not pay tax of any kind on it. If there is an estate tax the estate of the decedent pays it before you get the property.

2006-12-13 22:47:14 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋

There is Federal and California estate taxes due only if gross estate is over 2 million (for deaths in 2006). About 50% comes out before you get it. For smaller estates there is no death taxes. For income taxes inheritances are not income taxable. So the short answer is probably zero taxes.

2006-12-14 12:23:44 · answer #2 · answered by spicertax 5 · 0⤊ 0⤋

california does not have an inheritance tax....

hope that helps...

2006-12-14 00:25:25 · answer #3 · answered by iadoremarilyn86 4 · 1⤊ 0⤋