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RayAnswers, Attorney
Category: Estate Law
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Experience:  Texas lawyer for 30 years in Estate law
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I have a father-in-law who died in 1995, who lived in

Customer Question

I have a father-in-law who died in 1995, who lived in Alabama. I was left his share of the estate by my husband. I live in Virginia> Will I have to pay Federal tax on the inheritance?
Submitted: 12 months ago.
Category: Estate Law
Expert:  RayAnswers replied 12 months ago.

Hi and welcome to JA. Ray here to help you tonight.

No if you inherit less than $5,450,000 here, thats the exemption for 2016.As long as it is under that amount you pay no estate taxes federally.Same for Virginia.Virginia does not collect Inheritance Tax. The 2006 General Assembly House Bill 5018 repealed the state Estate Tax in the Commonwealth of Virginia for estates of decedents whose date of death was on or after July 1, 2007.

It shouldn't be a problem for you assuming you are under that amount here.

I appreciate the chance to help you today.Thanks again.

Expert:  RayAnswers replied 12 months ago.

If you can rate 5 stars it is always much appreciated.

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