I live in Florida. Do I have to pay an Inheritance tax in Florida?
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I live in Florida. Do I have to pay an Inheritance tax in Florida?
No - there is no inheritance tax in FL. And although you didn't ask: there is also no inheritance tax in TX. Hence you have no tax issues on your inheritance to worry about.
No taxes will be owed at the federal level, because, for 2010, there effectively is NO federal estate taxes.
The $880K is probably below the minimum tax level for any Florida estate taxes, and I do NOT believe that Florida has any inheirtance tax. You should call the Florida state tax department to be sure of that. A simple phone call should do.
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