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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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State of Maine Inheritance Tax

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I stand to inherit approximately $253,000 in stocks and bonds. Will I have to pay tax on this inheritance at the time it is turned over to me? Or, only when I take out the money to spend?


You are fortunate indeed. Not only is there no inheritance tax in Maine, but there is no federal inheritance tax. Main also does not have an intangible personal property tax.

Upon inheritance, there is no inheritance tax for you to pay.

However, when you liquidate those stocks and bonds, you will be subject to capital gains tax.


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