I just inherited approx $60000.00 dollars from my mothers estate. How much of this money do I need to set aside for federal and state taxes. Is there a special form I need to fill out for the taxes. Never had to do this before nad I can not afford to go see a tax specilist.

Thank you

You have $60,000 in the bank and you "cannot afford" to see a professional? Funny.

There is no Federal inheritance tax. There is a Federal estate/ gift tax, but that would be payable by the estate, not you.

You haven't said what state you are in, so how do you expect us to advise you on state inheritance taxes, if any?

There is no need to see a professional about this issue. There is no federal inheritance tax, so you don't need to report or do anything about that. If your mother's estate needs to file an estate tax return the executor of the estate will take care of that - you as an heir have no responsibility for that.

As for state inheritance tax - most states don't have it but a few states do, and in most of those that do have it usually doesn't apply to children who inherit from the deceased. But since taxes vary by state - please tell us what state(s) both your mother and you reside in and we can let you know for sure.

Was there a will? Has the estate been probated? Who is the executor?

I ask about the will because you said you inherited approx $60K. So I'm assuming that there wasn't a specific bequest but that you received the money from the estate after probate. Please clarify if I'm guessing wrong (have to guess because you gave us precious little detail).

If you did receive this money after probate was complete, then there are likely no taxes. Any taxes should have been taken care of by the executor of the estate before distribution.