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I just recieved an inheritance from my grandmothers estate

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in WI and I wanted...
I just recieved an inheritance from my grandmothers estate in WI and I wanted to make sure that I will not owe any taxes on it
Submitted: 9 years ago.Category: Tax
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Answered in 8 minutes by:
12/1/2008
Tax Professional: Bill, Enrolled Agent replied 9 years ago
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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WI does not impose an inheritance tax. WI has imposed an estate tax in prior years but there is no WI estate tax if death occurred on or after 1/1/08. If your inheritance was cash then there will be no income taxes on the inheritance. If the inheritance came from an annuity or retirement account such as an IRA, 401(k), or pension plan then the taxable portion will be subject to income taxes.
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Customer reply replied 9 years ago
she actually died in sept. of 07 and the lawyer handling the estate said that there was no taxes on estates worth 650,000 or less, I inherited 50% of the estate and just wanted to make sure that the laws of ohio have nothing to do with it and that I am only responsible for the wi tax laws
Tax Professional: Bill, Enrolled Agent replied 9 years ago
The laws of OH have nothing to do with estate/inheritance taxes if your grandmother was a resident of WI. If you received the distribution from the executor of the estate then if any WI estate taxes had been due they would have been paid prior to the distribution.
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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Customer reply replied 9 years ago
thank you very much!
Tax Professional: Bill, Enrolled Agent replied 9 years ago
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