Ask Experts Questions for FREE Help !
Ask
    kenelson1's Avatar
    kenelson1 Posts: 1, Reputation: 1
    New Member
     
    #1

    May 29, 2013, 05:00 AM
    Taxes on Inherited Money
    I received an inheritance check from my mother's estate in Kentucky. I live in Florida. Do I have to pay taxes on this money?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #2

    May 29, 2013, 05:47 AM
    No - neither Florida nor the US impose an inheritance tax so this is tax-free to you. And FYI: if federal or KY estate tax was owed it would have been paid by the executor out of the funds in your mother's estate before this distribution was made to you.

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!

Taxes on Inherited Money [ 1 Answers ]

My mother passed away in 2011 in Missouri. I received money that she had invested in a Pioneer Fund which stated my name Conduit TOD/MA "Subject to STA TOD Rules" I was told I would not owe taxes when I received this money BUT the IRS says otherwise. I received a 1099-B apparently which was...

Taxes on Inherited Money [ 3 Answers ]

I live in Michigan. My Daughter is 6 and has getting ready to receive $70K in an inherited money from her Aunt's trust she setup for the neices and nephews. Do I have to pay any taxes on this money if it is placed in a Michigan Education Trust? Do I have to pay taxes on it when...

Taxes on inherited money [ 3 Answers ]

I recently inherited some oil royalities when my mother passed away (just a little over $10,000) How do I list this on my tax form and do I pay taxes on the whole amount. This is a one time payment. Thanks for any info silvernel

Taxes for inherited money [ 1 Answers ]

I live in Texas and my son is a 17 year old who is working and so will file his own income tax this year. He just received $2000 from his grandfather's estate after his death. Would I or my son be required to claim this inheritance gift as income on the tax form?

Do I pay taxes on inherited money from abroad [ 1 Answers ]

I might inherit money from my father who was a pakistani citizen. I am a dutch citizen, but a legal resident in the usa. I am wondering if I have to pay taxes over the amount I receive.


View more questions Search