If you are 63 +, and you receive a inheritance of $160,000, what taxes or tax rate will have to be paid? Any to the state of Florida on this money?
Thanks for your time on this matter.
Tom

I do not think Florida has an inheritance tax, but a phone call to the Florida tax department or a visit to their website should give you the answer.

ATE is correct - FL does not have an inheritance tax, nor is there a federal inheritance tax, so you do not need to file anything with respect to taxes on this inheritance. I would point out that if the estate of the decedant is large enough the personal representative of the decedant (called the "executior" in most other states) would have to file a federal and possibly also a Florida estate tax return, but that is a different issue that is handled by the personal representative, not the heirs.

I'm over 63 and received a good some of money from my mothers' estate how much (%) will I have to pay in taxes on that alone? Is Inheirance taxed in Florida? Do I get a break do to my age? Do I pay state tax on it here in FL?
Thank you for your time with this matter.
Tom

How much is a "good sum" that is what matters.

Thank you for your reply. This is Toms wife Just in case you're wonderei8ng how old a 86 year old mans mother is,
The amount is$160,000.00 ( One hundred sixty thousand.) What would be the tax on that amount? Thanks, Sharon

This gets complicated. You will have to call Florida dept. of revenue 800 352 3671. Florida has merged a lot of these taxes.

I am 71 yrs old, and did inherient quite a sum of money, but in VA. I went to a lawyer to find out about all the taxes. All I have to pay in VA was Capital Gains on some bank stock... they money made from the time the stock was bought, until the time of death. There was no tax on any other money, except for that, which was interest earned.
Please see a lawyer to find out for sure. Be careful about the CPA you choose, if any. Some work "for the government", others don't.

Hi Tom,
I merged your 2 threads in the Taxes forum since it's a tax issue, not Family Law. In most cases any taxes are paid by the estate, not the heirs. ebaines has the best answer.

And, as usual fredg has the worst answer. A CPA who takes private clients is generally an independent person, not a govt employee, though some govt employess may be CPAs.

Have you talked to the executors of the estate? They should be able to advise you on your tax liability. As ebaines noted, they will have to file a return for the estate.

If the inheritance is in cash, there is no issue of capital gains. However, if the inheritance includes property or assets, there may be.