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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10098
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I recently received an inheritance from an Aunts estate. It

Customer Question

I recently received an inheritance from an Aunts estate. It is less than
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: $15,000, what is the tax rate on that, if any?
JA: Is there anything else important you think the Accountant should know?
Customer: Not really, I am 75 years old, don't know if that makes a difference
Submitted: 2 months ago.
Category: Tax
Expert:  Lane replied 2 months ago.

Hi. My name' Lane ... I can help with this.

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Inheritance, bequests, and gifts are specifically excluded from income tax (Internal Revenue Code §102)

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So there is no income tax at all here.

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And that is well under the estate tax exemption amount for bioth the US and any states ... but just to be sure, what state are you in?

Expert:  Lane replied 2 months ago.

Ok, I still dont see you coming into the chat here... bot***** *****ne, you'll own no income tax, and very likely no inheritance tax, depending on your state

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Please let me know if you have any questions at all, before rating me

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no crediting for the work here.

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Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986