My family inherted 77,000 from my grandfather. Does any body know how much they will tax it. Or even if there is such a thing in IL
2007-01-10 17:51:36 · 3 answers · asked by loveyoumuch 2 in Business & Finance ➔ Taxes ➔ United States
Questions regarding inheritance tax should be directed to the Office of the Attorney General at 217 524-5095
2007-01-10 17:55:18 · answer #1 · answered by surfer_grl_ca 4 · 0⤊ 0⤋
Illinois has a FLAT TAX, flat 3% of earnings, that's an exceedingly low fee and IL would not tax retirement or protection stress pay, at each and all the proposed fee is 5%, which continues to be a reasonably low % of earnings The media is in basic terms making an excellent deal out of something that's long previous due, and needed The state is BROKE, and the politicians save spending--they ought to cut back spending and boost taxes. The greater beneficial tax volume heavily isn't quite signficant for many salary earners.
2016-12-12 08:53:11 · answer #2 · answered by scheiber 4 · 0⤊ 0⤋
You will need to know how much the estate was total, there might be federal tax also.
2007-01-10 20:15:47 · answer #3 · answered by rwhz199 4 · 0⤊ 0⤋