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This ***** ***** I would like to know the amount of Tax on

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Hi this ***** ***** I...
Hi this ***** ***** I would like to know the amount of Tax on 300000 in inheritance
JA: Thanks. Can you give me any more details about your issue?
Customer: how so I am 1 of 5 and this will be cash distribution I am in the state of ND
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.Category: Tax
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Answered in 24 minutes by:
3/15/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,244
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Basically, it depends upon what the source of your inheritance is. If it was from an IRA or other retirement amount it could be taxable. However, more likely is it just your share of the decedent's assets after the estate has liquidated whatever assets were in the estate.

You are in North Dakota, where did the decedent reside?

From the way you are describing your cash inheritance I would say that any estate taxes, if any at all, were paid by the estate. There is no inheritance tax in North Dakota, but there is in some other states, so what really matters is where the decedent lived when it comes to inheritance taxes.

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