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In 2005, I was temporarily living and working in Michigan, but a legal permenant resident of New York, when a person in Florida died. I inherited $5000, which I received later that year, while living in NY and unemployed. I filed a federal 1040, an NY resident income tax return and a MI non-resident income tax return, and reported the income from employment in MI on all three. (I also claimed a credit on the NY return for the duplicate state income tax on the income from MI.) Do I have to report the inheritance to any of the three states, and to which states (if any) do I pay inheritance tax? (Do not worry about the estate taxes due to the federal government; someone else is responsible for that.)

2007-12-16 07:08:43 · 2 answers · asked by StephenWeinstein 7 in Business & Finance Taxes United States

dk01237... is wrong. Inheritance is NOT reported on the federal 1040, for example.

Bostonia... is probably right about the tax laws. He is wrong about what I knew when I asked the question. I never lived in Florida and was only in Michigan for a few months, so I do not know their laws well. However, this happened two years ago, so I might have known when I filed, and forgotten about it since then.

2007-12-16 07:41:39 · update #1

2 answers

Neither FL nor NY have an inheritance tax. Nor does MI, but even if it did you would not report it there as you were not a legal resident of MI. Therefore it does not need to be reported to any state.

But you already knew that, didn't you? ;)

2007-12-16 07:26:06 · answer #1 · answered by Bostonian In MO 7 · 0 0

there's a federal sources tax. The sources could pay it in the previous any sources are allotted. If each and all the daddy owned substitute into decrease than $1M, there heavily is not any sources tax. (there is not any federal inheritance tax on the recipient.) For Illinois, their sources tax seems to kick in at $2M.

2016-12-11 06:46:40 · answer #2 · answered by ? 4 · 0 0

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