Posted 2013-12-19 10:10 AM Subject: OT - Tax Gurus - Federal Inheritance Tax
Expert
Posts: 1898
My husband received a small inheritance (Less than $10,000) and we are trying to figure out what bills to pay but we don't know if there is a federal tax on it. Does anyone have an answer? I have found articles that state $200,000 or more but I want to make sure before we use the money.
The inheritance came from N. Carolina but we live California.
Posted 2013-12-19 10:19 AM Subject: RE: OT - Tax Gurus - Federal Inheritance Tax
Tried and True
Posts: 21185 Location: Where I am happiest
My advice is google it but my understanding is no. My husband got a small inheritance and the only part of it he had to pay taxes on was the sale of the house. I believe the cap is $250,000 but each state has their own laws. So again, google it.
Posted 2013-12-19 11:26 AM Subject: RE: OT - Tax Gurus - Federal Inheritance Tax
Expert
Posts: 1956 Location: Ky
cyount2009 - 2013-12-19 10:10 AM My husband received a small inheritance (Less than $10,000) and we are trying to figure out what bills to pay but we don't know if there is a federal tax on it. Does anyone have an answer? I have found articles that state $200,000 or more but I want to make sure before we use the money. The inheritance came from N. Carolina but we live California.
The odds are overwhelmingly in your favor that you will not owe taxes on this. Call your tax person and ask. Only someone that knows your personal income and wealth can give you a fully informed opinion. If you don't have an accountant then it's even more odds in your favor that you won't owe.
In that case just call up a local accountant and inquire. Could be some state rules about it?
Posted 2013-12-19 11:42 AM Subject: RE: OT - Tax Gurus - Federal Inheritance Tax
Veteran
Posts: 288
I just completed a tax class in college. From my understanding no. Its excluded from income and not taxable. I would double check with the person who performs your tax returns to be safe tho.
OT - Tax Gurus - Federal Inheritance Tax
