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

    Jan 6, 2011, 12:38 PM
    Inheritance tax
    I just inherited some money over 10k, is there inheritance tax on that money?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Jan 6, 2011, 12:43 PM

    Might be... where do you live? We can't guess without knowing that.

    And I mean city and state... some places will hit you for taxes and others won't. And you can't ignore state and local level taxes when they apply.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jan 6, 2011, 01:36 PM
    For sure, there are no estate taxes (the estate pays those) or federal inheritance taxes.

    There MAY be state inheritance taxes, but, like Smoothy noted above, we need to know WHERE you live to make a determination.
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