tax exemption question?

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tax exemption question?

In this past year my husband recieved at settlement form his father passing away. my question is there a one time tax exemption so they will not take a chunk of his money?

2007-01-11 19:34:27 · 2 answers · asked by mandielpn25 2 in Business & Finance ➔ Taxes ➔ United States

2 answers

It depends on the total amount of your deceased f-i-l's estate.

Also depends on where the money came from.

Consult a CPA to find out for sure.

2007-01-11 22:41:36 · answer #1 · answered by Gem 7 · 0⤊ 0⤋

There is no one time tax exemption.

It is possible that this settlement is tax-exempt, as for example a life insurance payout or some lawsuit settlements. You need to have someone review the terms of the settlement to see what it is.

2007-01-11 19:41:13 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋