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-   -   Inheritance Money (https://www.askmehelpdesk.com/showthread.php?t=166985)

  • Dec 30, 2007, 05:24 AM
    luckylablover
    Inheritance Money
    I think I've read the answer to this question already, I just want someone to reiterate what I understand, so I will ask the question again.

    My ex husband received money from his mothers estate. The amounts were: $5000.00 then $5000.00 a couple months later, then $3000.00 a couple months after that. Should he claim the money on his tax return this year? All funds were received during 2007.

    Thanks!
  • Dec 30, 2007, 08:35 AM
    AtlantaTaxExpert
    Negative!

    Inherited money is NOT subject toincome taxes, either on the federal OR state level.
  • Dec 30, 2007, 02:58 PM
    kliem
    AtlantaTaxExpert's response is correct. Not sure how much was your ex-mother-in-law total estate. The one that may need to pay the estate tax was your ex-mother-in-law's estate by filing form 706. The exemption for 2007 is $2million. Any estate less than that will not be subject to any tax.
  • Dec 30, 2007, 11:48 PM
    MukatA
    Yes, as AtantaTaxExpert said your husband does not pay any tax. Does not need to report this income or file any form.
  • Dec 30, 2007, 11:54 PM
    AtlantaTaxExpert
    Noted.

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