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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13581
Experience:  15years with H & R Block. Divisional leader, Instructor
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Inherited $15,000. Is there an inheritance tax and what p

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Inherited $15,000.
Is there an inheritance tax and what percentage?

Robin D :

Hello and thank you for using Just Answer,
Florida does not have an inheritance tax and neither does federal. New York doe snot have an inheritance tax either.
If it was p

Robin D :

If it was property you inherited and then sold that would place you in having to report the sale.

Robin D :

Reporting the sale does not mean you will be automatically taxed. If this was property you inherited then you would only pay tax on the gain. The gain would be the difference in basis and sale price.

Robin D :

Basis for inherited property is the fair market value on the day you inherit. So if you sale quickly there usually is no gain.

Customer:

Relative died without a will.

Robin D :

What exactly did you inherit?

Customer:

Property was sold by the city of N.Y. and eventually distributed to 8 cousins.

Customer:

there was no mortgage.

Robin D :

Then what you inherited was cash and that is not taxable.

Robin D :

Had you actually inherited the property and then sold that would be as I explained above.

Robin D :

The cash you received is not taxable to you.

Customer:

Thank you

Robin D :

You are most welcome

Robin D :

Your positive rating is always thanks enough.


 

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