2007-03-17 05:38:48 · 3 answers · asked by CHARLES ANNE F 1 in Business & Finance ➔ Taxes ➔ United States
There are too many variables to obtain a satisfactory answer to that question here. Eighty five years old, congratulations to you.
H and R Block, a reputable accountant or Attorney are the places for a correct answer to that.
Have a pleasant day
2007-03-17 06:08:15 · answer #1 · answered by zurioluchi 7 · 2⤊ 2⤋
The federal estate tax, if any, is on the net value of the estate, therefore after the bills are paid. If the estate has income before it is distributed, there may be federal income tax on the estate's income.
As others have said, you pay no federal tax on your inheritance. Some states may have an inheritance tax. My experience is with Florida and Illinois, and we had no inheritance tax there.
2007-03-17 22:08:30 · answer #2 · answered by CarVolunteer 6 · 1⤊ 0⤋
YOU don't pay any taxes to the IRS. In some states, you may pay a state inheritance tax. That said, the estate MAY own an estate tax to the Federal government. If it does, it is owed on the TOTAL estate before any of the bills are paid. Please consult an estate attorney for proper advice. The estate pays the attorney before anyone other than Uncle Sam gets paid as well.
2007-03-17 16:10:26 · answer #3 · answered by STEVEN F 7 · 1⤊ 3⤋