How do I pay Inheritance tax? Who do I contact?

Answer 1

At the Federal level there is no inheritance tax. A few states still impose an inheritance tax however in most cases that is paid by the estate. The executor of the estate can tell you if any inheritance taxes were paid by the estate. Without knowing what state you reside in and what state the decedent resided in it's not possible to tell you any more.

Answer 2

There is no Federal tax on Inheritance. Some states have inheritance tax, which can be paid when the estate is settled or can be left for the recipient to pay. The executor of the estate, if there was one, can tell you if the estate paid the tax. Without knowing the state in which this occurred it would be difficult to advise you in any greater detail.

Answer 3

Unless the estate is over $2 million, there isn't a federal inheritance tax at this point. If it is, the estate pays it, not the heir - the executor is responsible for ensuring that the proper return is filed and tax is paid.

Most states don't have an inheritance tax, but some (at least, PA) do.

Answer 4

There is a federal inheritance and a gift tax...however those taxes are payed by the person or estate giving the money...so if you collect money from an estate or as a gift you don't pay any taxes on it...they have already been payed.

Answer 5

Any thing (money and property) you receive as gift or inheritance, you (the receiver) don't pay any federal tax liability.
For any State inheritance tax check at your State's web site. For most of the States there is no tax.

Answer 6

WHen you fill out your tax return, you will pay it then. COntact an accountant

Answer 7

Don't. take your money and run for it. The IRS doesn't deserve ****.