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-   -   Paying Taxes on Inheritance Money (https://www.askmehelpdesk.com/showthread.php?t=731609)

  • Jan 31, 2013, 07:11 PM
    rgeo
    Paying Taxes on Inheritance Money
    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
  • Jan 31, 2013, 07:34 PM
    AtlantaTaxExpert
    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.
  • Jan 31, 2013, 07:41 PM
    ScottGem
    Taxes should have been paid by the estate.
  • Jan 31, 2013, 08:40 PM
    AtlantaTaxExpert
    Estate taxes ARE paid by the estate.

    Ineritance taxes are paid by the heir.
  • Jan 31, 2013, 10:33 PM
    MukatA
    You may need to file Form 3520. There is no federal tax on inheritances.
  • Jan 31, 2013, 10:42 PM
    AtlantaTaxExpert
    MukatA,

    Good catch on the Form 3520.

    The OP should have done professionally, given the amount of money involved.

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