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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 35795
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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Five of us inherited $180,000 from irrevocable living trust

Customer Question

Five of us inherited $180,000 from irrevocable living trust that my parents established before their death which included a house and $60,000 in cash. Do we have to file taxes on our portion?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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No, there is an federal estate tax exemption of $5.45 million dollars that allows a deceased to pass assets to their heirs tax free. This is per person so parents combined would have had a $10.9 million exemption.

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So the inheritance is tax free regarding federal law. If you can tell me what state you are in, I can see if there are any state inheritance or estate taxes.

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thanks

Barrister

Customer: replied 1 year ago.
We are in Tennessee
Expert:  Barrister replied 1 year ago.

Ok, TN has no inheritance taxes and and its state estate tax expired in 2016, but was $5 million prior to that.

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So there wouldn't be any taxes due to the state either.

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thanks

Barrister

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