syed Rizvi
Feb 23, 2007, 04:36 PM
Do I need to pay tax on money I inherited. Thaks
Fr_Chuck
Feb 23, 2007, 04:59 PM
Depends on how much, where you live and a lot of factors
AtlantaTaxExpert
Feb 24, 2007, 12:16 AM
Gentlemen:
The heirs pay NOTHING in terms of taxes on what they inherit.
The ESTATE pays the federal estate and state inheritance/death taxes, then distributes what's left to the heir. Except for distributions from tax-deferred accounts (IRA, 401Ks, 403Bs, etc.), what the heirs get is TAX-FREE!