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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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how much taxes do i need to pay if I inherit $100000

Customer Question

I have a very dear friend who is dying he said he is going to leave me 100000 dollars after he dies i want to know how much tax do i have to pay over that money? Thank you
Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

There is no inheritance tax in the US, at least at the federal level. There is an estate tax which applies to estates that are valued at $2 million or more, but that would have nothing to do with the $10,000 that you inherit. There would be no federal tax due and you do not need to report receipt of the money.

Depending on the state you live in, there may be some inheritance tax. If you can give me that information I can let you know if tax would be due at the state level.

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Thank you.

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