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CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3470
Experience:  Tax Accountant
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I inherited about 150, 000 dollars from my mom's life

Customer Question

I inherited about 150, 000 dollars from my mom's life insurance policies. Will I have to pay capital gains tax on this money?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 1 year ago.

In general, on the federal level, inheritances are generally not taxable. However, some states do tax inheritances. What state are you located in? What state did your mom reside in at the time of her death? SEE BELOW:

Who Pays Inheritance Taxes

State inheritance taxes are generally not applied to life insurance proceeds if the beneficiary is any of your linear family members. This includes your spouse, children, grandchildren, parents, brothers and sisters. Nonlinear family members, such as nieces and nephews, brothers/sisters-in-law and cousins, may have to pay inheritance taxes on the life insurance proceeds if any are the beneficiary. Those who are not considered family members typically pay the top inheritance tax rates.


Let me know if I can be of further assistance to you regarding this matter.