 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
No - California does not have an inheritance tax, and their estate tax was phased out in 2005. So no tax is due to California. As for federal estate tax, there's an exemption on the first $2M value of the estate, so unless your father's estate was valued at more than $2M you have nothing to worry about. And if it was worth more than $2M, the executor of your father's estate is responsible for determining whether taxes are due, and he would pay them out of the estate's assets. So whatever you receive is tax-free.
|
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
I inherited property in a different state a few months ago in 2007 and I need to know if there is any California tax because of this. The state I inherited the property has no inheritance tax so if there is tax in California, do I have to wait until the "possession of ownership" documents have been...
I have been asked to be Executor of a somewhat large estate (1.5 mil) It will be equally divided 3 ways. Assets include a home, stocks and some art. I want to avoid paying Estate Tax and inheritance taxes. My plan is to have my parents immediately start Gifting 12K each to the 3 beneficiaries for a...
Does California have an inheritance tax on a bequest received from an estate probated in Ireland?
Our parents are American citizens and live in California,the want us to inherit their property in California. We are British citizens and live in England, do we have to pay any death /inheritors taxes in the U.S. Their assets are worth less than $1 million.
View more questions Search
|
