2007-02-04 13:12:35 · 6 answers · asked by Connie S 1 in Business & Finance ➔ Taxes ➔ United States
The recipient does not pay tax unless the money came from a 401 or other untaxed account. Otherwise, tax, if any, is paid by the estate.
2007-02-04 13:28:30 · answer #1 · answered by Jbb 1 · 0⤊ 0⤋
The Inheritance tax, deemed the most unfair of taxes, developed in the 60's by the democrats by taxing family hard earned money twice, if this modest amount below is I think expempt up to $1.2 million until 2011; but unless the Sooner state wants money and your state wants money also you may need to contact a tax attorney.
2007-02-04 13:27:12 · answer #2 · answered by Mark T 6 · 0⤊ 0⤋
The principal of an inheritance is income tax free. There may be a small income portion for post death income that is taxable - ask the executor for a Form 1041 Schedule K-1.
2007-02-04 14:42:30 · answer #3 · answered by spicertax 5 · 0⤊ 0⤋
Contact, your tax person! I'm sure it is, I live in Oklahoma, and pretty soon, you will have to pay to go to your own bathroom, to bathe or use the toilet.This is to keep the Politically incorrect idiots in a job, because they are all pansies and can't do a real job!!!!!!!!!!!!!
2007-02-04 13:22:29 · answer #4 · answered by twanda_C 3 · 0⤊ 0⤋
No, you don't - if any inheritance taxes were due, they'd be paid by the estate. For federal, the total estate would have to be in the millions for the estate to owe. State laws vary.
2007-02-04 15:01:03 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
If this is a modest amount (less than several millon dollars) you will pay no taxes.
2007-02-04 13:21:58 · answer #6 · answered by michael p 4 · 0⤊ 0⤋