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

    Feb 1, 2009, 12:56 PM
    Inheritance Tax federak
    In 2008 my wife's mother passed and left her an inheritance of 50k and we purchased a home in Idaho. Idaho does not have a inhertance tax. We filed in Idaho last year. My question is how much if any does my wife have to pay the IRS?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Feb 1, 2009, 03:03 PM
    Nothing. Inheritance taxes are paid by the estate not the heir. Besides there is a threshold of $2 million.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #3

    Feb 1, 2009, 11:40 PM

    Some one must file your wife mother's last tax return and all previous tax return if the income was more than the filing requirement.

    Your wife does not have to pay any tax on inheritance. However, she will still be responsible for paying her mother's tax dues, if any.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #4

    Feb 2, 2009, 07:26 AM
    Quote Originally Posted by MukatA View Post
    Some one must file your wife mother's last tax return and all previous tax return if the income was more than the filing requirement.

    Your wife does not have to pay any tax on inheritance. However, she will still be responsible for paying her mother's tax dues, if any.
    Not right - the executor of the estate (sometimes called the "personal representative") is responsible for filing the deceased's final tax return and paying anything owed the IRS (or other creditors) out of the mother's estate assets. The daughter is NOT responsible for filing the estate's taxes unless she is the executor ("executrix" if you are old school), and is absolutely not responsible for paying any taxes due.

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!

Inheritance Tax? [ 1 Answers ]

My Mother In~Law passed away in April 2008. My Father In~Law followed suit June 2008. They left "everything" to their 3 adult children; houses, furniture, cars, bank accounts, etc. I am pretty sure it does not amount to 1.5 million (but it might come close). If it is divided 3 ways, do we...

Inheritance tax [ 7 Answers ]

My father-in-law just passed away this month. The home that he lived in has been paid for for years. The will stated it should be left to the surviving children. There are 4 boys. They have all agreed to sell the home to my husband for $80,000, meaning we will have to pay each of the other 3...

Inheritance tax [ 1 Answers ]

My mother left her four children an estate worth roughly 1.2 million in a family trust to be split equally 4 ways. There is a 1st TD on some property, a house, and approximately 200K in CD's and cash. Three of the four children life in California and one resides in WA. Will we pay any state or...

Inheritance [ 2 Answers ]

I have just received a cash inheritance of $49,900. The inheritance tax was already paid prior to the distribution. I can't seem to get an answer as to whether I have to pay both Federal tax and Maryland State tax. I was also told to hold 1/3 back for state tax in MD. Can anyone clarify for me...

Inheritance tax [ 1 Answers ]

My father recently passed away, and we received $70,000 from his estate. Do we have to pay taxes on this money?


View more questions Search