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Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3077
Experience:  EA, CEBS - 34 years experience providing financial advice
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I just recieved an inheritance from my grandmothers estate

Customer Question

I just recieved an inheritance from my grandmothers estate in WI and I wanted to make sure that I will not owe any taxes on it
Submitted: 5 years ago.
Category: Tax
Expert:  Bill replied 5 years ago.
WI does not impose an inheritance tax. WI has imposed an estate tax in prior years but there is no WI estate tax if death occurred on or after 1/1/08. If your inheritance was cash then there will be no income taxes on the inheritance. If the inheritance came from an annuity or retirement account such as an IRA, 401(k), or pension plan then the taxable portion will be subject to income taxes.
Customer: replied 5 years ago.
she actually died in sept. of 07 and the lawyer handling the estate said that there was no taxes on estates worth 650,000 or less, I inherited 50% of the estate and just wanted to make sure that the laws of ohio have nothing to do with it and that I am only responsible for the wi tax laws
Expert:  Bill replied 5 years ago.
The laws of OH have nothing to do with estate/inheritance taxes if your grandmother was a resident of WI. If you received the distribution from the executor of the estate then if any WI estate taxes had been due they would have been paid prior to the distribution.
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3077
Experience: EA, CEBS - 34 years experience providing financial advice
Bill and other Tax Specialists are ready to help you
Customer: replied 5 years ago.
thank you very much!
Expert:  Bill replied 5 years ago.
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