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Submitted 100 days ago...

sksch

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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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Answer 1 / 2 - Submitted 100 days ago...

Mtnrescue

Brain (2,677)

No, Inheritance tax or Estate Tax is only paid if you receive more than what is exempted from the IRS. Here’s the exemption rate levels for the past few years:
2005: First $1,500,000 in assets
2006-2008: First $2,000,000 in assets
2009: First $3,500,000 in assets

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Answer 2 / 2 - Submitted 100 days ago...

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Any income that the accounts generated between the time of her death and the time they were distributed to you would be subject to income tax. It might be taxed to the estate, or to you -- the executor (or whoever handles the tax return for the estate) would have a better idea. If the estate filed a tax return for 2007 (or a 12-month period that started in 2007), then you would receive a Form K-1 showing how much, if any, is taxable to you. It is possible that none of it is taxable to you.

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Submitted 99 days ago...

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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