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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 50766
Experience:  30 years in civil, probate, real estate, elder law
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I am going to be getting an inheritance from the sale of a

Customer Question

I am going to be getting an inheritance from the sale of a house in my family. The house is in Connecticut and I live in North Carolina. Will I have to pay inheritance taxes in both states? What is the percentage taken for taxes from the federal government?
JA: What documents or supporting evidence do you have?
Customer: I have my Aunt's will outlining the specifics for the sale of the house. It will be split with other members of my family. The house has not sold yet so I don't have any documentation regarding that other than the cost the house is selling for. What specific documents are you referring to?
JA: Anything else you want the lawyer to know before I connect you?
Customer: I think that's it...I want to make sure I withhold enough money for taxes. My share will be approximately $29,000.00.
Submitted: 8 months ago.
Category: Legal
Expert:  Ray replied 8 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 8 months ago.

First the federal limits on estates is $5,490,000 so no federal taxes on any amount less than this.

Likely no estate taxes here in CT.

onnecticut

Connecticut estates over $2 million are taxed at different rates. The rates range from 7.2 percent for estates over $2 million to the top of 12 percent for estates over $10.1 million. The first $2 million is tax free.

For example, the Connecticut estate tax for a $2 million estate is zero. A $3 million estate is taxed $72,000 (7.2 percent of $1 million). An estate of $5 million would pay a Connecticut estate tax of $252,000 (8.4 percent of $3 million). A $10 million estate would pay $912,000 (11.4 percent of $8 million). The Connecticut tax is due six months after death.

You would have no estate taxes here in NC either.

Overall if it is worth less than $2 million you owe no taxes here either federal or state taxes here in CT.

I appreciate the chance ti help you today.Thanks

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

Expert:  Ray replied 8 months ago.

No taxes here in NC is the inheritance is less than $5,490,00 same as federal exemption.