Capital gains

Question

Oct 23, 2007, 02:08 PM

nietz001

New Member

Join Date: Oct 2007

Posts: 7

Capital gains

How much tax could I expect to pay on an inheritance of 100,000
Journeyman

Answers

Oct 24, 2007, 06:00 AM	#2

AtlantaTaxExpert

Tax Expert

Join Date: Feb 2005

Location: Atlanta, Georgia

Posts: 10,021

Zero.

The amount is too small to be subject to federal estate and state inheritance taxes.

No income taxes are due.

Now, if you inherited stock, then wish to sell the stock, there MAY be some capital gains tax on the stock, based on the difference between the sales price and the Fair Market Value of the stock on the day the original owner died, but it is likely NOT to be too much, unless the stock was similar to Google, which has grown by leaps and bounds over the past two years.

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