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    crkahl's Avatar
    crkahl Posts: 1, Reputation: 1
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    #1

    Apr 8, 2008, 12:29 PM
    Inheritance, taxable?
    Did a little research and it appears that neither my state of North Dakota nor the federal government tax any inheritance less than like one million dollars. But do I have to claim the inheritance as income on my taxes?
    Any help would be awesome, thanks, curt
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Apr 8, 2008, 12:53 PM
    No - you do not need to report any inheritance that you receive on your taxes.

    FYI - there are two types of "death taxes" that one needs to be aware of:

    Estate taxes are paid by the estate of the deceased on a portion of the net asset value. The federal government does still have an estate tax, but it's limited to estates whose value is > $1 million, and is not levied on anything being passed on to a spouse. Some states also impose estate taxes, but with recent changes to the federal law many of them have been effectively eliminated - this is the case in ND. If an estate tax is due, it's the job of the executor to make sure it gets paid before the estate's assets are split up among the heirs. It is not the responsibility of the heirs to pay estate taxes.

    Inheritance taxes are paid by the person receiving the inheritance. The federal government does not have an inheritance tax, and only a few state so. ND does not.

    Bottom line - you need not worry about taxes on your inheritance.
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