Actually, not me, but my finace. She received about 40K from her great aunt's will a few months ago. Her great aunt lived in New Jersey (which has an inheritance tax), but my finace lives in New York. New York does not have an inheritance tax. Also, if there is a tax, when is it collected? Are there any ways around the tax?
2007-09-24 01:11:25 · 3 answers · asked by Luke S 2 in Business & Finance ➔ Taxes ➔ United States
Except for people who live in Pennsylvania, there is no inheritance tax. If a deceased's estate is more than $2 million federally, there is an estate tax owed. But that would be paid by the estate, and any inheritances received by the beneficiaries of the estate would receive the inheritance free of taxes.
2007-09-24 02:40:09 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I agree with the previous answer that this can be a very complex issue, and a pro should be consulted. However, generally the executor/trix of the will is responsible to pay inheritance taxes--which should be paid before distributions are made.
2007-09-24 12:51:16 · answer #2 · answered by Dee 4 · 0⤊ 0⤋
I know enough about inheritance tax law to tell you this. Any answer you find here will be likely not applicable to your financee's situation. There are a lot of other factors.
The best thing to do for her to do is to take her copy of the will to a lawyer who specializes in probate (inheretance) law. It is a tax law specialty.
2007-09-24 08:32:29 · answer #3 · answered by Anonymous · 0⤊ 1⤋