Question about estate taxes.?
I inherited about $75,000 from my father when he died. Will I have to pay any estate taxes on that to the federal government. This is all cash...nothing in stocks, bonds, property etc.
Public Comments
- You may owe some tax on it, depending on your net worth & circumstances. You can get a rough idea here: http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States
- You will have to pay zero. Heirs do not pay estate tax.
- Nothing as long as you already have it. The laws may change with a new president.
- for this year 2008 the estate tax exemption amount is 2 million dollars so your cool homey!!!!!!!!!!!!! 75 grand does not come close to 2 mil
- Estate taxes are paid by the estate, not by the individual heirs. If all heirs (other than his wife, if he is married) are receiving only $75,000 or less each, then the total estate is probably small enough for no estate tax to be due anyway. You may or may not owe inheritance tax to the state government. This is not a federal tax and is not an estate tax. It only exists in some states, not all.
