How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29483
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I am a resident of Oregon but I am active Military in ...

Resolved Question:

I am a resident of Oregon but I am active Military in Hawaii. I am benificiary of money from my grand mother who passed away. What taxes if any do I need to Pay to Oregon?
Submitted: 9 years ago.
Category: Tax
Expert:  Lev replied 9 years ago.

For a recipient of the inheritance - does not need to claim it as income. Please see for reference IRS publication 525 page 30 - http://www.irs.gov/pub/irs-pdf/p525.pdf

Only if the inherited money were in tax deferred account - such as IRA, 401k, etc - and you are taking distribution from that account - the distributed amount will be your taxable income.

Oregon inheritance tax is levied on the value of the assets of the decedent. For 2007 an estate with a gross value of $1,000,000 or more should file an estate tax return. The unified credit amount is $345,800. - http://egov.oregon.gov/DOR/BUS/inher-general.shtml see also - http://egov.oregon.gov/DOR/BUS/inher-adv.shtml

Lev and 2 other Tax Specialists are ready to help you