Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hi and welcome to Just Answer!There is NO inheritance tax on the federal level, no inheritance tax in Florida.Federal estate taxes are paid by the estate - not by beneficiaries - so if there were any estate taxes (that is possible for large estates above $5,000,000) - they should be already paid by the estate before the distribution - and should not be your concern.In additional - inheritance is not included into taxable income for income tax purposes.
Woo-hoo! Thank you! Definitely worth the $38 fee! 'D
Hello!I saw your second response that further clarified the initial answer, and took your advice. I spoke with the executor of the estate, and was told that all the taxes were already handled, and that the heirs had no responsibility for them. So thank you for the heads-up. It certainly cemented my peace of mind about the matter.