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    tokmom's Avatar
    tokmom Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 14, 2009, 06:13 PM
    Inheritance tax
    Hello,
    I will be inheriting 100,000 from a deceased uncle. I live in WA state and we have no state income tax. All the rules and regulations regarding what is taxed is mind boggling.:confused:
    I'm trying to find out what the percentage owed will be on the 100,000 for federal taxes. I'm assuming as WA state has no state income tax that I won't owe the state? My uncles estate was worth 3 million if that helps.

    Once I receive the monies, do I pay the tax right away? I'm completely lost so any help would be invaluable.

    Thanks!
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 14, 2009, 07:40 PM

    There is no federal tax on inheritances. Most of the states do not tax inheritances. For your state, check at the state web site.

    Personal representative of the estate will pay estate tax and file estate tax returns.

    Read: Your U.S. Tax Return: Tax on Inheritances
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Feb 14, 2009, 08:24 PM

    Just to further clarify, any estate taxes are paid by the estate, not by you. So you shouldn't have to pay any taxes.
    tokmom's Avatar
    tokmom Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Feb 14, 2009, 09:59 PM
    Thank you so much for taking the time to respond.
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