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WHAT IS THE CURRENT TAX RATE REGARDING INHERITED MONEY

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WHAT IS THE CURRENT TAX RATE REGARDING INHERITED MONEY
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
9/8/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,398
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. A few years ago the government combined the gift and the estate tax exemption. The current lifetime exemption is 5.45 million. So the total value of an estate is less than $5.45 million and the individual did not use any of their lifetime exemption then there would not be any estate tax. There is no tax on inherited money. It is possible that you would have income associated with the inheritance (interest, dividends. etc). This would be taxable.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

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