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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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Both my Mother and Father, Florida reidents, both died in ...

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Both my Mother and Father, Florida reidents, died in Florida. I am a Texas resident. I am one of the inheritors of their estate which are in the form of stocks and bonds. Will I be expected to pay inheritance tax in both states?
Submitted: 8 years ago.
Category: Tax
Expert:  Jon Andrews replied 8 years ago.

No. In fact, unless the estate value exceeds $1 million, there is likely to be no tax effect at all.

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Jon Andrews and 2 other Tax Specialists are ready to help you
Customer: replied 8 years ago.
My inheritance will exceed $1 million. What sort of tax may I expect?
Expert:  Jon Andrews replied 8 years ago.

There is likely to be no tax to you. The inheritance (state) and estate (federal) taxes are calculated by the estate and paid prior to the estate assets being distributed to the beneficiaries. The only time that a beneficiary is subject to tax at the individual level is when the assets inherited include the proceeds from an IRA or other pension account. This amount would be subject to income tax on the beneficiary's return in the year that it was received.

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Jon Andrews and 2 other Tax Specialists are ready to help you