My wife's uncle from Ohio passed on last year and left my wife a Certificate of Deposit in his will. She transferred it into her name and cashed it in. The bank was in Ohio. We live in New Jersey. Will we have to pay tax on the inheritance?

Thanks

Feds: none if under 5.12 million
Ohio: none if under 338,333

You shouldn't have to pay NJ any tax either, but am not 100% about that.

Joy,

You are confusing inheritance tax with estate taxes.

Estate taxes are paid by the estate.

The inheritance tax is paid by the heir on the inheritance itself.

There are NO federal inheritance taxes, and I do not think either Ohio or New Jersey has an inheritance tax, but a phone call or visit to the state websites should get you a definite answer for both state

(Oops - I remembered there is a table o

Never mind, now I forget what I was thinking.