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Lev
Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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my mother just passed away, she willed me her home, which ...

Customer Question

my mother just passed away, she willed me her home, which burnt down in March. She did get some insurance money for the house. She has about $14,000 in the bank and the property that the house set on. I live in Arizona. What taxes am I responsible for? She was 94 years old. I would guess that her entire worth is about 100,000.00
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.

For income tax purposes inheritance is not taxable income neither in the US nor in Arizona regardless the amount - as a recipient of inheritance you do not need to claim it as income. There is no any amount limit. Please see for reference IRS publication 525 page 30 - http://www.irs.gov/pub/irs-pdf/p525.pdf

tax.justanswer.com/uploads/levr/2007-10-24_192604_inheritance.jpg" border="0" alt="graphic" width="100" height="100"/>

In case some of inherited funds are in tax deferred account - 401k, IRA etc - that funds upon distribution will be taxable income for beneficiary.

For estate tax purposes - federal estate taxes might apply to estates with value above $2,000,000 (for 2008) - this tax is paid by the estate - not by heirs. There is no inheritance tax in the US. As the total estate value is $100,000 - there is nothing for you to worry.

Some states of the United States have estate or inheritance tax at the state level - so-called "death duty" - such taxes apply based on where the decedent lived or the inherited property is located. Neither Arizona nor Iowa have such taxed

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22335
Experience: Taxes, Immigration, Labor Relations
Lev and 4 other Tax Specialists are ready to help you
Customer: replied 5 years ago.
Thank you
Expert:  Lev replied 5 years ago.
Appreciate fro accepting the answer - I wish you the best.

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