Eventually I will inherit a little over $1 million in assets. I was wondering about how much will I have to pay as taxes (an estimate) Thanks.
2007-10-09 14:50:36 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Also, the state is Wisconsin. I'm in Florida.
2007-10-09 14:54:41 · update #1
You will have enough left over to afford a tax lawyer.
2007-10-09 20:52:12 · answer #1 · answered by jonflatt 3 · 0⤊ 0⤋
Exactly $0. There is no Federal inheritance tax. Neither WI nor FL have an inheritance tax. Any estate taxes are paid by the estate.
Note. As the law is currently written, there may be some estate taxes due if the bequestor dies in 2011 or later. The estate tax disappears in 2010 but returns in 2011 at 2001 levels with a $1 million exclusion so if the estate is worth more than that the estate will have to pay the estate taxes, leaving less for you.
2007-10-09 16:22:40 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
No federal, state laws vary
2007-10-09 14:59:38 · answer #3 · answered by Jerry 2 · 0⤊ 0⤋