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

    Feb 4, 2011, 01:30 PM
    Do you pay taxes on inheritance?
    Our mother died and we (her three sons) received approximately $20,000 each after the estate was settled. Do I have to claim this as income and pay taxes on it?
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #2

    Feb 4, 2011, 01:35 PM

    You need to tell us what state and country you reside... we have english speaking members from a number of countries (that have their own Dollar as well). And no 1 answer applies to all.
    cshore's Avatar
    cshore Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Feb 4, 2011, 01:40 PM
    Comment on smoothy's post
    North Carolina - USA
    robinad's Avatar
    robinad Posts: 86, Reputation: 8
    Junior Member
    		  
    #4

    Feb 4, 2011, 02:24 PM
    I don't remember the exact amount that you have to pay tax on if it goes over a certain amount, I think it might be around 16k. But maybe it's 20k, they may have raised the amount. I would google for a result.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #5

    Feb 4, 2011, 05:20 PM

    There is no inheritance taxes on the federal or state level. Any taxes due on the inheritance is paid by the estate. So whatever was paid out should have been after any taxes due and therefore you need not claim it.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Feb 18, 2011, 11:50 PM
    Scott:

    Do not get your terms mixed up.

    The estate pays ESTATE taxes.

    The heirs pay inheritance taxes, which treats the inheritance as income. And, yes, some states DO have inheritance taxes.
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