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View All Answers for Do I have to may inheritance or estate taxes on mo

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Submitted 218 days ago...

sksch

sksch

New User (2)

Do I have to may inheritance or estate taxes on monies left to me by my mother?

My mother lived and died in 2007 in Minnesota. I live in Illinois. My portion, left to me in a will, and received in 2007 was about $6500 in her money market account and about $50K in an ameriprise investment account. What federal or state taxes will I responsible for if I took 1/2 out in 2007 and 1/2 out in 2008 and spent the funds?
Thank you

 
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Submitted 217 days ago...

sksch

sksch

New User (2)

Thanks - the IRS is trying to say we owe over 8K for 2007.
I think it is the way ameriprise handled the disbursement.
They change everything over to new accounts in your name then disburse the funds. So I received 1099-'s in 2007. I ignored them because it was all inheritance.

 

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