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

    Nov 7, 2010, 05:15 AM
    My father passed away in 2010 and left me 800.000.
    Do I claim it on my tax return this year? Do I have to pay federal or state tax on it? I live in Florida.
    Thanks...
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 8, 2010, 03:28 PM
    Negative; in 2010, there is effectively NO federal estate tax, and I do not blieve that Florida has either an estate or inheritance tax.

    For sure, there are NO income taxes at either the federal or state level.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Nov 9, 2010, 04:13 AM

    There is no federal estate tax in 2010. Also amount of $800,000 is below the estate tax exemption limit for past years.
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