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Inheritance Tax Laws Questions

What is Inheritance Tax Law?

An inheritance tax is money paid by a person who inherits money, property, or an estate of a person that has passed away. An individual is usually required to pay the tax value of the items that are inherited. If money is left to the person’s spouse or is left to a charitable organization that is confirmed by United States Federal officials then the Inheritance Tax Law is not applied. An attorney or maybe a Legal Tax accountant is an option when it comes to handling situations that involve the laws governing a will. This alone can cause many questions to come up regarding inheritance tax, how its paid or compounded and what the actual inheritance tax is in their specific situation. Read below where Experts have answered a few questions of this type.

If a person inherited money from a family member’s estate that was not from a retirement account, will the estate take care of the taxes and does the estate owe any Federal or State Income Tax on this money?

The estate would only have to pay Federal or State Income Tax is if the estate would owe any income tax money to the Internal Revenue Agency or a retirement account from the person that died. If it was owed to the Internal Revenue Agency, the money is taxable just as it would be taxable to the person that died. If it was not taxable, then the estate would not have to pay the Inheritance Tax.

If a person receives an inheritance from a family member and gets a note that the estate CPA was sending them a K-1 form, is this inheritance taxable? What is a K-1 form?

The United States doesn’t have an Inheritance Tax Law. Anything that is inherited is tax free to the person that is the beneficiary as long as the Estate Taxes have been paid to the United State government. In some cases, the U.S. government is allowed to charge U.S. Estate taxes if the person that owned the estate didn’t pay taxes before death. When a person passes away the estate; the person is required to file a final tax return in the name of the individual decedent for income earned and deductions taken up to the date of death. The K-1 form the beneficiary received is the share of that income and deductions reported by the estate on its income tax return. The person that received the inheritance will not have to pay income tax on what was inherit; the person will have to pay the taxes on the money that was earned by the assets that was inherited.

Does Wisconsin have an Inheritance Tax, and if so what is the percentage that is charged?

There isn’t an Inheritance Tax in the United States or in the state of Wisconsin for decedents dying on or after January 1, 1992. Anything this is inherited doesn’t have taxes to be paid on it because the owner has already paid the income taxes on it. Any money this is gained after the person of the estate died would be taxable to the estate.

Does New York have an inheritance tax?

The state of New York does not have Inheritance Taxes. The state of New York has Estate Tax that is applied to the estates but not the beneficiaries if the estate is valued to be more than $1,000,000. If the person died on or after January 1, 2004, the estate would have to file a tax return that meets one of the following requirements:

The decedent was domiciled in New York State at the time of death and the total of the federal gross estate, federal taxable gifts and specific exemption exceeds $1 million.

The decedent was not domiciled in New York State at the time of death and the estate includes real or tangible personal property with a status in New York State, and the total of the federal gross estate, federal taxable gifts and specific exemption exceeds $1 million.

The decedent was neither a resident nor a citizen of the United States, the estate includes real or tangible personal property with a status in New York State, and the estate is required to file a federal estate tax return, Form 706-NA.

Everyday receive money by inheritance and in most cases it is due to the loss of a friend or relative. Often the person that is deceased leaves the inheritance through a will to the grantor. Many times questions come up when referring to whether income taxes have to be paid on the items or money that is inherited. Getting Expert advice and direction is often the best course of action to take when dealing with Inheritance Tax Laws.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
Type Your Tax Question Here...
characters left:
2 Tax Professionals are Online Now

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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
Enrolled Agent
Satisfied Customers: 3052
15+ years tax preparation and tax advice.
Mark D
Enrolled Agent
Satisfied Customers: 985
MBA, EA, Specializing in Business and Individual Tax Returns and Issues

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