I will receive a cash inheritance from an individual who was born in Bristol England and died in China... I live in the USA / Michigan.. it will be over 10 Million dollars... will I owe Federal and or State of Michigan taxes... how do I find out
I will receive a cash inheritance from an individual who was born in Bristol England and died in China... I live in the USA / Michigan.. it will be over 10 Million dollars... will I owe Federal and or State of Michigan taxes... how do I find out
There are NO federal inheritance taxes.
Since the inheritance is from overseas, there are no federal estate taxes.
You should call the Michigan state tax department to find out if the state of Michigan has an inheritance tax, AND if it applies to inheritance from overseas.
Taxes should have been paid by the estate.
Estate taxes ARE paid by the estate.
Ineritance taxes are paid by the heir.
You may need to file Form 3520. There is no federal tax on inheritances.
MukatA,
Good catch on the Form 3520.
The OP should have done professionally, given the amount of money involved.
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