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?
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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?
There is no federal tax on inheritances. Also CA does not tax inheritances.
Read: Your U.S. Tax Return: Tax on Inheritances
Agreed; the size of your father's estate is so small that no federal estate nor state inheritance taxes will apply.
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