You won't have any inheritance tax. It's too low of an amount. Taxes are only paid on amounts over $2 million. It was raised in 2006 to that amount. Prior to that it was $1.5 million. So, you shoud each get 100k.
That'll be $50k for the answer....or you could just pick mine as the best question. :)
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Submitted 96 days ago...
Estate taxes on inheritance?
My father passed away 3-1/2 years ago and we are finally getting the building he owned on the market. Assuming we get around 400K for the sale of the building,and the proceedes are split 4 ways between siblings, will we (all Illinois residents) have to pay an estate tax or some other type of inheritance tax on this money?
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Submitted 95 days ago...
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