What is the nature of the unclaimed money (bank account, tax refund, pension,etc)?
Does it include any income that has not been reported for income taxes (interest)?
Were there any unpaid liabilities when the estate was closed?
Did the estate pay inheritance or estate taxes (or would this amount cause it to)?
Are/were you and your brother the only beneficiaries of the estate?
Why do you think there is a tax burden when inheritance is usually not taxed?
These answers will help us to provide an accurate answer for your situation.
1. I believe it was stock.
2. It is unclaimed money from the State of MD.
3. We paid all taxes to the State of Georgia which is where they died.
4. We did pay taxes on the estate, not sure which one it was, I no longer have any of that infor since it has been over 16 years since they died. The estate was over 500K total.
5.My brother and I are the only beneficiaries.
6. Do we have to file through the estate? Can we claim it instead on our personal income tax as capital gain? The check is made out to :
Estate of R. Hoyt % me et al