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  1. #1
    Eruption msr316's Avatar
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    Default I need help! Anyone know about Inheritance taxes???

    My wife and I are inheriting some money and we have been trying to find out the federal tax rate on it. I'm hoping one of you guys might be in the "know" on this type of thing and can help!! I know I can call the irs but I was trying to find out tonight so I don't lay in bed all night thinking about!! Anyway, any help would be great thanks,
    Sean

  2. #2
    Atomic Punk onefootoutthedoor's Avatar
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    07.24.15 @ 10:25 PM
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    I found this link by doing a google search. There are a few other ones on there as well...

    www.ncsl.org/programs/fiscal/deathtax.htm


    Hope it helps a little.
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  3. #3
    Atomic Punk Van Squalen's Avatar
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    12.12.17 @ 12:36 AM
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    Depends on whether you're a beneficiary in a trust or if you have to suffer through regular probate to get your inheritance. If somebody just willed it to you, you'll pay up to 47%, depending on your exemptions, credits, tax bracket and deductions. If you were included in part of a trust, you might not have to pay anything at all.

  4. #4
    On Fire bkaraujo's Avatar
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    Have you seen the movie Shashank Redemption. The part when their on the roof and Andy tells Hadley that he can give his inheritance to his wife tax free. Is that true? Or was that bullshit to add to a movie. Could have been for real and the IRS changed that, so you can not do that anymore.
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  5. #5
    Atomic Punk Dave's Dreidel's Avatar
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    12.11.17 @ 05:21 PM
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    CPA here.

    Money inherited is not taxable to the person receiving the inheritance, it is taxed upon the person who passed away. If you are not an executor of the estate then that is not for you to worry about.

    Now if it is proceeds from a trust, some of the proceeds may be taxable to you, but it depends on how the trust was set up.

    But if it is just as simple as someone died and left money to you in their will, it is not taxable income to you.

    If you need more information PM me, I'll give you my work number and I'll ask you some more detailed questions and be able to give you better answers, and who among the various principals involved you need to speak to.
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