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    Kuklenski's Avatar
    Kuklenski Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 7, 2015, 08:45 AM
    Taxes on Inherited Money
    State of MD Inheritance Tax on my Deceased Mothers IRA and Home Sale?
    Total value, approx $150,000.?
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    Nov 7, 2015, 09:58 AM
    From what I see you should not have to pay any tax. However, MD is one of few states who separate estate and inheritance. MD:Effective for decedents who die on or after July 1, 2000, property passing to a child or other lineal descendant, spouse of a child or other lineal descendant, spouse, parent, grandparent, stepchild or stepparent, siblings, or a corporation having only certain of these persons as stockholders, is completely exempt from the Maryland inheritance tax. Discussion with a tax attorney would be beneficial.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Nov 7, 2015, 05:45 PM
    Agreed; the amount of money in question dictates you seek LOCAL professional tax help, either a CPA or a tax attorney.
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