Ask Experts Questions for FREE Help !
Ask
    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
    Uber Member
     
    #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.

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 ]

I am on SSDI due to disability. I know that it will not effect my ssdi, however. I wish to use the modest sum to purchase a modest mobile home in an age 55+ community. I am worried that an inheritance tax will not leave me enough to make that purchase. I live in Massachusetts

Taxes on inherited money [ 5 Answers ]

My aunt from Tennessee passed away in March 2013 and I am to inherit $15,000 from her. Will I have to pay inheritance taxes?

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?


View more questions Search