Quote:
Originally Posted by speeder
If it's an inheritance less than $1M, there is no tax. (I thought).
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There is NO DEATH TAX until the end of the year....If u have a living Trust I think a coupole can leace 1.5M tax free...and indivudal is at 750K...those numbers have to be checked on as it has been a long time since I looked...
However the EXECUTOR of th eestate has to pay all the debts and taxes before he cuts a check to the heirs...
So there should be no tax liailitiy involved...
However anything earned on the money is now income...or Capital Gain if something is bought and then sold at a profit.