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Inheritance Tax?
My Mother In~Law passed away in April 2008. My Father In~Law followed suit June 2008. They left "everything" to their 3 adult children; houses, furniture, cars, bank accounts, etc. I am pretty sure it does not amount to 1.5 million (but it might come close). If it is divided 3 ways, do we individually get taxed? Or is it taxed in a whole? I just want to be a little prepared. Thank you for your time. :confused:
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There is estate tax only if the estate is over 2 million.
But before you distribute, you must pay off all the debts. You must file the final as well all the unfiled tax returns of the deceased, if the income exceeded the filing requirement. You should consult a tax consultant to help you in this. There is no inheritance tax in the U.S. So any amount or property you inherit, you don't pay any tax. Read this Your U.S. Tax Return: Tax on Inheritances |
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