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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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how much taxes do i have to pay on 25,000 dollars left ...

Customer Question

how much taxes do i have to pay on 25,000 dollars left to me by my grandmother. she left it specificlly to me in her will. i am receiving a 25,000 cahiers check and would like to know do i pay taxes on this and if so how much?
Submitted: 9 years ago.
Category: Tax
Expert:  MequonCPA replied 9 years ago.


Any estate or inheritance taxes are paid by the estate before you receive your distribution. Thus you should have no tax due on your inheritance.