Have a Tax Question? Ask a Tax Expert
Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.
That's correct in terms of any inheritance or estate tax.
The only possibility would be that some, all or none of the amount would be subject to income tax. For example if the proceeds were from an IRA or other retirement plan payout.
Do you know where the $36,000. came from? Was it just funds that he had when he died or did it come from some other source?
That shouldn't be a problem then; there shouldn't be any income tax to pay either.
(without a shadow of a doubt) :]
Please remember to rate my response as that is the only way I will receive my share of the payment that you have already made to the site.
Thanks very much,
Do you have any additional follow-up questions or may I be of any further assistance?
If so, please let me know. If not, I would appreciate it if you would take a moment to rate my response as that is the only way that I will receive my share of the payment that you have already made to the site. There is no additional charge to provide a rating for me but it is important to me as it is necessary for me to close out the question and for my performance statistics.