And if I will owe a great deal in taxes, should I request that the money be divided into smaller portions over 3 years?
2007-03-16 18:04:45 · 7 answers · asked by ? 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
You have posted this in the General section without saying what country you are from. Assuming you are from the USA, you will have no tax to pay. The estate pays the tax (if any) before you get the money.
If the estate earned any income before distributing your inheritance, you may have to report that on your personal return. Ask the attorney dealing with the estate if you are going to receive a K-1.
2007-03-17 00:10:30 · answer #1 · answered by skip 6 · 0⤊ 0⤋
I don't think you will have to pay taxes on it at all. The estate tax kicks in at around 1 million so you should be ok. Talk to your lawyer then your accountant and see what the best course of action is
2007-03-16 18:17:28 · answer #2 · answered by Garrett J 2 · 0⤊ 0⤋
You won't pay taxes on the inheritance. If any are due, the estate pays them. Unless the estate is over $2,000,000, there won't be federal estate taxes. There could be estate tax to your state, that depends on the state laws where you are.
2007-03-16 18:22:41 · answer #3 · answered by Judy 7 · 3⤊ 0⤋
I am so sorry to hear about your mama. I think what I would do is go and talk to an accountant and see what they can do to help you. Or you could go and talk to a attroney that deals with estates .
2007-03-16 18:11:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
the recipient isn't taxed on presents the have faith is responsible for any tax which would be due whilst the have faith is accomplished and confident the surplus of the as quickly as a year difficulty is secure interior the main suitable have faith volume
2016-12-18 15:46:45 · answer #5 · answered by hirschfeld 4 · 0⤊ 0⤋
inheritance taxes are very high
2007-03-16 18:09:23 · answer #6 · answered by Wings Fan! 6 · 0⤊ 4⤋
$0.0000000000000000000000000000
2007-03-17 11:00:21 · answer #7 · answered by Jo Blo 6 · 0⤊ 1⤋