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    syed Rizvi's Avatar
    syed Rizvi Posts: 1, Reputation: 1
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    #1

    Feb 23, 2007, 04:36 PM
    Inherited
    Do I need to pay tax on money I inherited. Thaks
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 23, 2007, 04:59 PM
    Depends on how much, where you live and a lot of factors
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 24, 2007, 12:16 AM
    Gentlemen:

    The heirs pay NOTHING in terms of taxes on what they inherit.

    The ESTATE pays the federal estate and state inheritance/death taxes, then distributes what's left to the heir. Except for distributions from tax-deferred accounts (IRA, 401Ks, 403Bs, etc.), what the heirs get is TAX-FREE!
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