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Im receiving a $50,000 inheritance from my dad in the state

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I'm receiving a $50,000 inheritance...
I'm receiving a $50,000 inheritance from my dad in the state of Oregon. What are the tax ramifications at my age of 60?
Submitted: 8 years ago.Category: Tax
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5/2/2009
Tax Professional: Lou, Tax Preparer replied 8 years ago
Lou
Lou, Tax Preparer
Category: Tax
Satisfied Customers: 404
Experience: 25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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Hello and thank you for contacting JustAnswer. We appreciate the opportunity to be of service to you.

 

Oregon is tied to Federal Estate tax Law. If there is a tax due it would be paid from the eatate and is the responsibility of the executor of the estate to file the proper tax returns. In your case ($50,000) would not trigger an inheritance tax in Oregon or at the Federa level.

 

Here is a link to the Oregon website that will give you very specific information:

http://egov.oregon.gov/DOR/BUS/inher-general.shtml

 

Was the $50,000 from an IRA or other retiirement plan?

Lou
Lou, Tax Preparer
Category: Tax
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Experience: 25+ yrs Experience Personal Income Taxes - Former DM for H&R Block in California
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