Log in

View Full Version : Inheritance tax


myshelly12
Nov 10, 2008, 04:40 PM
My father passed away in Cleveland, Ohio. He had a bank account with $100,000 in it. I will be receiving this money . I live in California. Will I have to pay taxes on the money when I receive it?

MukatA
Nov 11, 2008, 01:47 AM
There is no federal tax on inheritances. Also CA does not tax inheritances.
Read: Your U.S. Tax Return: Tax on Inheritances (http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html)

AtlantaTaxExpert
Nov 13, 2008, 09:59 AM
Agreed; the size of your father's estate is so small that no federal estate nor state inheritance taxes will apply.