2006-12-24 03:27:08 · 6 answers · asked by husker fan 1 in Business & Finance ➔ Taxes ➔ United States
If you inherit money or property that was already taxed then you do not pay income tax on the inheritance.
Some inheritances, like tax-deferred retirement accounts or tax-deferred bonds, can result in tax owed.
2006-12-24 09:43:06 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
I have heard (and this is only from talk radio, by the way) that the inheritance tax doesn't even start until an estate is over about $2 million, and that might have been raised. It might be a good idea to talk to your family lawyer, whoever is handling the estate would be able to give you some direction.
2006-12-24 11:31:13 · answer #2 · answered by jxt299 7 · 0⤊ 0⤋
To put these answers all together - inheritances are not income taxable except for IRA accounts. Estates over 2 million pay estate death taxes before you get the money.
2006-12-26 11:15:29 · answer #3 · answered by spicertax 5 · 0⤊ 0⤋
You don't pay taxes when you inherit money. The estate tax is assessed on the estate of the deceased, not on the heirs of the estate.
2006-12-24 12:05:00 · answer #4 · answered by jseah114 6 · 1⤊ 0⤋
you dont pay any taxes unless the amount is OVER 2 million
2006-12-24 11:34:32 · answer #5 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
An arm and a leg.
If it a large amount where you have no choice but to report it on your taxes. Consult an attorney.
2006-12-24 11:35:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋