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Hello- I just inherited $50,000 from my aunt who lived in Florida. I live in Virginia. Will I have to pay an inheritance tax? Also, is that considered additional income tax next April 15th? Thank you! Diane

Submitted: 23 days and 17 hours ago.

Category: Tax

Value: $15

Status: CLOSED

State/Country relating to question: Virginia

Posted by Merlo 23 days and 17 hours ago.

Answer

Hello santamaker,

There is no inheritance tax in the United States at the federal level, and the states of FL and VA also impose no inheritance tax.

Instead of inheritance tax, the IRS imposes estate taxes on any estate which exceeds the value of $3.5 million. If your aunt's estate exceeded that amount, then her estate itself would be liable for tax, but as one of the beneficiaries, you pay no tax on the amount you receive.

This is also not taxable income to you of any kind, so you are not required to report this on your income tax return for next year.

If this was helpful please press the Accept button. Positive feedbackis also appreciated.

Thank you santamaker

23 days and 17 hours ago.

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THANK YOU SO MUCH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I WILL BE HAPPY TO USE YOUR SERVICE AGAIN!!!!!!!!!!

Accepted Answer

Thank you santa,

And if you found my answer helpful, pressing the Accept button will give me credit for helping with this question.

Accepts:
Expert:	Merlo
Pos. Feedback:	99.8 %
Answered:	10/29/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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Question

Hello- I just inherited $50,000 from my aunt who lived in Florida. I live in Virginia. Will I have to pay an inheritance tax? Also, is that considered additional income tax next April 15th? Thank you! Diane

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State/Country relating to question: Virginia

Answer

Reply

THANK YOU SO MUCH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I WILL BE HAPPY TO USE YOUR SERVICE AGAIN!!!!!!!!!!

Accepted Answer

Thank you santa,

And if you found my answer helpful, pressing the Accept button will give me credit for helping with this question.

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Question

Hello- I just inherited $50,000 from my aunt who lived in Florida. I live in Virginia. Will I have to pay an inheritance tax? Also, is that considered additional income tax next April 15th? Thank you! Diane

Optional Information

State/Country relating to question: Virginia

Answer

Reply

THANK YOU SO MUCH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I WILL BE HAPPY TO USE YOUR SERVICE AGAIN!!!!!!!!!!

Accepted Answer

Thank you santa,And if you found my answer helpful, pressing the Accept button will give me credit for helping with this question.

Related Tax Questions

Thank you santa,

And if you found my answer helpful, pressing the Accept button will give me credit for helping with this question.