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    robertaelftman's Avatar
    robertaelftman Posts: 1, Reputation: 1
    New Member
     
    #1

    Jul 5, 2008, 07:03 AM
    Money & Duplex Inherited From Trust
    Very recently I inherited a twinplex and approximately $500,000 from my aunt through
    Her trust. She lived & died in California andI am located in Tennessee. What is the rate
    Of taxation on this - approximately how much money do I have to pay in federal tax and
    In state tax & to which state(s)?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #2

    Jul 5, 2008, 08:10 PM
    1. There is no federal tax on inheritances.
    2. CA does not have any tax on inheritances
    3. For Tennessee check at the state web site.
    You may like to read this:
    Your U.S. Tax Return: Tax on Inheritances

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