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Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3346
Experience:  15+ years tax preparation and tax advice.
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My father died in Florida, no property involved and no ...

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My father died in Florida, no property involved and no assets to be probated. The only item is a CD that has been cashed out and dispersed to the heirs by the executor. I live in Ohio. Will I have to pay an Inheritance Tax on the CD money left to me by my father?

Hello there,

That is disappointing that no one knew about inheritance tax!

There is no federal or FL inheritance tax. Presuming that any interest that the CD earned between your father's death and dissbursement was reported on an estate tax return, then you will have no tax liability on this money.

Inheritance is not taxable as income for Fedeal tax purposes, nor Ohio state tax purposes.

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