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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6167
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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This ***** ***** I would like to know the amount of Tax on

Customer Question

Hi this ***** ***** I would like to know the amount of Tax on 300000 in inheritance
JA: Thanks. Can you give me any more details about your issue?
Customer: how so I am 1 of 5 and this will be cash distribution I am in the state of ND
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Submitted: 8 months ago.
Category: Tax
Expert:  Stephen G. replied 8 months ago.

Basically, it depends upon what the source of your inheritance is. If it was from an IRA or other retirement amount it could be taxable. However, more likely is it just your share of the decedent's assets after the estate has liquidated whatever assets were in the estate.

You are in North Dakota, where did the decedent reside?

From the way you are describing your cash inheritance I would say that any estate taxes, if any at all, were paid by the estate. There is no inheritance tax in North Dakota, but there is in some other states, so what really matters is where the decedent lived when it comes to inheritance taxes.