Maryland InheritanceTax rates for decedents who died on or after July 1, 2000:
- Property passing to a child or other lineal descendant, spouse of a child or other lineal descendant, spouse, parent, grandparent, stepchild or stepparent, siblings or a corporation having only certain of these persons as stockholders is exempt from taxation.
- 10 percent on property passing to other individuals. For more information about the inheritance tax, contact the Register of Wills in the appropriate county.
So, being lineal descendant - you do not owe any tax.
Also, in 2010, there is no estate tax
. So if you mom passed away this year, there is no estate tax due or filing required.
In any case- her total estate would have been under the estate filing limits considering the total value of her estate.
There is no income tax
due on the amount you receive from her estate as inheritance is no subject to income tax and in your particular case - you did not inherit any tax deferred account from her.
Let me know if you have any question.
Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.