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    niraj2012's Avatar
    niraj2012 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 19, 2012, 08:32 PM
    Tax on inherited money from grand parents
    My great grandfather recently passed away and has left some jewellery and cash for me. There is no will or any other written documentory evidence for the same. These are not mentioned in his return too. What to do now ? How to show in my return now and what will be tax implications if any. Thanks
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 20, 2012, 03:27 AM
    Taxes on inheritance are paid by the estate, not the heir. Generally there is an exemption of $2 mil before taxes are incurred. If the estate wasn't probated, no worries.
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