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I'm looking for my Inheritance? I'm looking for my Inheritance? my mother died 3 years ago and we couldn't find bank...

Inheritance I will be receiving a substantial amount of money as an Inheritance will i have to pay taxes...

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Jodi-Mesa

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Submitted 689 days ago...

cspencer30

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Inheritance

If I received an inheritance from a family member in another state. Taxes and fees were taken out before I received my share . Do I have to claim the amount on my income taxes?

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Answer 1 / 2 - Submitted 689 days ago...

Jodi-Mesa

Brain (2,795)

The taxes that were taken out before were probably estate taxes. The beneficiaries are responsible for the actual inheritance tax, so yes you will need to add it on your taxes this year.

If this was a parent, then you do get a $3,000 deduction and then pay about 7.5%. For other relatives, the deduction is reduced to about $100 and the tax ranges from 10% - 30%. What state are you in?

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Answer 2 / 2 - Submitted 689 days ago...

cspencer30

New User (2)

Connecticut

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