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    myshelly12's Avatar
    myshelly12 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 10, 2008, 04:40 PM
    Inheritance tax
    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?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Nov 11, 2008, 01:47 AM

    There is no federal tax on inheritances. Also CA does not tax inheritances.
    Read: Your U.S. Tax Return: Tax on Inheritances
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Nov 13, 2008, 09:59 AM
    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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