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IF a person inherits possibly $4,000,000, what would the tax

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be to the IRS?...
IF a person inherits possibly $4,000,000, what would the tax be to the IRS?
Submitted: 8 years ago.Category: Tax
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Answered in 7 minutes by:
12/11/2009
Tax Professional: JKCPA, CPA replied 8 years ago
JKCPA
JKCPA, CPA
Category: Tax
Satisfied Customers: 5,884
Experience: CPA with tax experience.
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Hello nicolejean,

 

Is any or all of this $4million from a 401k plan, pension plan, annuity or IRA?

 

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Customer reply replied 8 years ago

No, it isn't. It is money that is coming to I and my husband through a foreign country and that is about all I can tell you at this time.

It is not a scam where we have to pay anything but I am pretty well sworn to secrecy at this time.

 

Tax Professional: JKCPA, CPA replied 8 years ago

 

Since it is not from one of those sources I mentioned previously, there would be no federal or Michigan state tax on it if it is an actual inheritance. Since the estate is outside the US, then no US or Michigan estate tax would be due either.

 

Hope this helps,

Best regards,

 



Edited by JK_CPA on 12/16/2009 at 5:22 AM EST
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