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    carrie1234's Avatar
    carrie1234 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    May 21, 2005, 04:08 PM
    Receiving an inheritance
    I am receiving an inheritance from an uncle that pass in Canada (I live in Colorado), the amount is around 40k... what are my tax liabilities, I know that I will get about 71% of this because of the canada/us exchange.. do have have to declare this as income (state and federal)?

    Thanks!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 22, 2005, 02:38 PM
    Carrie1234:

    For an inheritance that small, there will be no estate tax liability in the U.S. There may be a tax liability for Canada.

    You do not have to report any on the inheritance on your income taxes.
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