Ask Experts Questions for FREE Help !
Ask
    dtspinella's Avatar
    dtspinella Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 23, 2013, 10:20 AM
    Inheritance from relative in another state
    My wife's uncle from Ohio passed on last year and left my wife a Certificate of Deposit in his will. She transferred it into her name and cashed it in. The bank was in Ohio. We live in New Jersey. Will we have to pay tax on the inheritance?

    Thanks
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #2

    Feb 23, 2013, 11:31 AM
    Feds: none if under 5.12 million
    Ohio: none if under 338,333

    You shouldn't have to pay NJ any tax either, but am not 100% about that.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 23, 2013, 12:56 PM
    Joy,

    You are confusing inheritance tax with estate taxes.

    Estate taxes are paid by the estate.

    The inheritance tax is paid by the heir on the inheritance itself.

    There are NO federal inheritance taxes, and I do not think either Ohio or New Jersey has an inheritance tax, but a phone call or visit to the state websites should get you a definite answer for both state
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #4

    Feb 23, 2013, 04:06 PM
    (Oops - I remembered there is a table o

    Never mind, now I forget what I was thinking.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

USA citizen inheritance from relative in Mexico. Is this allowed? [ 1 Answers ]

My father inherited land in Mexico. All of my fathers siblings have since passed away, the land was divided by each sibling family. As an American can I legally claim it?

Inheritance from out of state relative - taxed? [ 1 Answers ]

My Aunt in NC recently passed away and I'm one of the beneficiaries of the estate. I'm located in NH and about to receive a distribution, do I have to pay both state and federal tax on the proceeds from the sale of the house and distribution of some mutual funds/stock?

Inheritance from relative in another country [ 11 Answers ]

Good day to all - I have been informed that I may be receiving a very large inheritance from another country. I am trying to find out if I will have to pay taxes on this amount and/or any other fees. It would be deposited directly into my bank account here and is WELL over 10,000 - which I...

Foreign inheritance via relative [ 10 Answers ]

Hi all, I (US citizen residing)received a partial foreign inheritance via a US relative(my brother). Source is proceeds from my decessed alien mother in Japan. Through her will , the house was put in my brothers name. Through 2 years of setting up POA's and a lawyer to have the house's deed...

I am being told I have a inheritance from a relative in the United Kingdom [ 2 Answers ]

I am told that my aunt made me her beneficiary she lived in London but the lawyer there is trying to get me to send money for some certificate from the police saying it is a police clearance certificate. Have you ever heard of such a thing

View more questions Search