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CGCPA
CGCPA, CPA
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Farm land from my grandmothers is being auctioned. I will

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Farm land from my grandmothers is being auctioned. I will receive money from this. Could you tell me how to figure how much inheritence tax will be?

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

As the beneficiary of an inheritance you are not obligated for any taxes. Your grandmother's estate could have a tax responsibility. This is called the estate tax. There is no inheritance tax, that is a misnomer. The estate tax is imposed on the net assets of the deceased. If her estate is under $1,000,000 there is no concern. Above that there may be a filing required.

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