I received 45,000 from a trust that was administered in the state of Michigan. Taxes were taken out of the trust before monies were distributed. Will I still have to pay inheritance tax in California for the remaining $45,00 I received?
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I received 45,000 from a trust that was administered in the state of Michigan. Taxes were taken out of the trust before monies were distributed. Will I still have to pay inheritance tax in California for the remaining $45,00 I received?
No, Estate taxes are paid by the estate not the heir.
There is no federal inheritance tax. CA also does not tax inheritances.
Read: Your U.S. Tax Return: Tax on Inheritances
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