inheritance tax obligation


D

denaman

Trying to get an estimate on what this year's tax obligations are
going to look like. The difference this year is that I am receiving
an inheritance from my grandmother who recently passed away.

I estimate that I will be receiving under thirty-five thousand dollars
in a combination of one cashed cd, one stock, checking account money,
and whatever money is garnered from the sale of the house.

I looked over last year's federal form and I wasn't even spotting an
area where this would be entered. Wanted to make sure I set enoguh
aside to cover next year's bill.
 
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J

Jim Kingdon

I estimate that I will be receiving under thirty-five thousand dollars
in a combination of one cashed cd, one stock, checking account money,
and whatever money is garnered from the sale of the house.
Generally speaking any taxes are paid out of the estate and are not
taxable to you. See for example:

http://www.irs.gov/faqs/faq-kw91.html
 
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