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JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5884
Experience:  CPA with tax experience.
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IF a person inherits possibly $4,000,000, what would the tax

Resolved Question:

IF a person inherits possibly $4,000,000, what would the tax be to the IRS?
Submitted: 6 years ago.
Category: Tax
Expert:  JKCPA replied 6 years ago.

Hello nicolejean,

 

Is any or all of this $4million from a 401k plan, pension plan, annuity or IRA?

 

Customer: replied 6 years ago.

No, it isn't. It is money that is coming to I and my husband through a foreign country and that is about all I can tell you at this time.

It is not a scam where we have to pay anything but I am pretty well sworn to secrecy at this time.

 

Expert:  JKCPA replied 6 years ago.

 

Since it is not from one of those sources I mentioned previously, there would be no federal or Michigan state tax on it if it is an actual inheritance. Since the estate is outside the US, then no US or Michigan estate tax would be due either.

 

Hope this helps,

Best regards,

 



Edited by JK_CPA on 12/16/2009 at 5:22 AM EST
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