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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12040
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I recently received an inheritance from an Aunts estate. It

Customer Question

I recently received an inheritance from an Aunts estate. It is less than
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: $15,000, what is the tax rate on that, if any?
JA: Is there anything else important you think the Accountant should know?
Customer: Not really, I am 75 years old, don't know if that makes a difference
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

Hi. My name' Lane ... I can help with this.


Inheritance, bequests, and gifts are specifically excluded from income tax (Internal Revenue Code §102)


So there is no income tax at all here.


And that is well under the estate tax exemption amount for bioth the US and any states ... but just to be sure, what state are you in?

Expert:  Lane replied 10 months ago.

Ok, I still dont see you coming into the chat here... bot***** *****ne, you'll own no income tax, and very likely no inheritance tax, depending on your state


Please let me know if you have any questions at all, before rating me


If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no crediting for the work here.


Thank you!


I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986