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When a person dies and you are a beneficiary of their estate what amount can you receive before you have to pay taxes? |
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THE AMOUNT "EXEMPT FROM INHERITANCE TAXES" VARIES FROM STATE TO STATE. CHECK OUT FINDLAW.COM AND LOOK FOR PROBATE CODES FOR YOUR PARTICULAR STATE. REMEMBER, THOUGH, ALTHOUGH THE PROPERTY OR MONIES INHERITED ARE STILL SUBJECT TO "INCOME" TAXES....THIS IS IMPORTANT. IF YOU FAIL TO FILE INCOME TAXES ON THE INHERITANCE, THE PENALTIES ARE EXCRUCIATINGLY PAINFUL, BOTH AT THE STATE AND FEDERAL LEVELS.
First answer by ID1172862836. Last edit by ID1172862836. Question popularity: 33 [recommend question]
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