I live in Pennsylvania in the U.S.A.
2007-01-02 00:52:15 · 7 answers · asked by phenixk 2 in Business & Finance ➔ Taxes ➔ United States
You will not have to pay any taxes on the $5000. However, if you invest the money, then you will need to pay taxes on the earnings eventually.
2007-01-02 00:57:40 · answer #1 · answered by Steve 6 · 1⤊ 0⤋
Pennsylvania does have an inheritance tax that has very few exceptions. However, it is likely that the executor/personal representative of the estate will take care of this before any distributions to heirs are made.
2007-01-02 09:27:24 · answer #2 · answered by HandyDan 3 · 1⤊ 0⤋
There is no estate tax on $5000.00.
2007-01-02 08:53:58 · answer #3 · answered by ashorething001 2 · 1⤊ 0⤋
You should get a one time gift of money in your life that you don't have to pay taxes on---check with your tax guy, he should know about it
2007-01-02 08:55:08 · answer #4 · answered by biznitchil 4 · 0⤊ 2⤋
none, taxes dont kick in until $100,000
2007-01-02 10:34:14 · answer #5 · answered by mslider2 6 · 0⤊ 0⤋
if it was given to you as a gift up to 9,999 you would not be taxed due to it being a gift.
2007-01-02 09:00:42 · answer #6 · answered by MJ 6 · 0⤊ 2⤋
You shouldn't have to pay anything.
2007-01-02 08:54:57 · answer #7 · answered by spot 5 · 1⤊ 0⤋