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    engineer1's Avatar
    engineer1 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Aug 15, 2008, 05:46 PM
    Calculate inheritance taxes
    My dad left a 1,000,000 inheritance (bank accounts) to 5 siblings. He resided in Ohio, I reside in Pennsylvania. I'm trying to estimate what I would receive. Also, after inheritance/estate taxes are paid, do I also pay taxes again on my 2008 federal/state tax forms?

    After a brief WEB search I found that inheritance taxes are 26,300 + 7% of 500,000. After dividing by 5 siblings I approximate $188,000. Do I also have to report this on my 2008 taxes or are all taxes considered paid? If I have to report the proceeds how do I calculate how much of the 188K I owe to the federal and state ( I make $105K/year).

    Thanks, in advance, for your input.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Aug 16, 2008, 05:04 AM
    If the estate of your dad is less that 2 million, there is no estate tax payable.
    Also there is no federal tax on inheritance. There may be state tax on inheritance.
    Read Your U.S. Tax Return: Tax on Inheritances
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