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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7117
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I received a inheritance after my father passed away, the

Customer Question

I received a inheritance after my father passed away , the inheritance amount $36,000 , the inheritance came from my fathers estate in South Carolina and was wired to me in California . It is my understanding that South Carolina and California do not have a inheritance tax enforcement law . Does that mean without a shadow of a doubt I owe zero taxes for the inheritance I received .
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: no
Submitted: 9 months ago.
Category: Tax
Expert:  Stephen G. replied 9 months ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 9 months ago.

That's correct in terms of any inheritance or estate tax.

The only possibility would be that some, all or none of the amount would be subject to income tax. For example if the proceeds were from an IRA or other retirement plan payout.

Do you know where the $36,000. came from? Was it just funds that he had when he died or did it come from some other source?

Steve G.

Customer: replied 9 months ago.
The funds came strictly money left over after his home and land were sold devided between the children of the family.
Customer: replied 9 months ago.
17 October 2016 01:19
The funds came strictly money left over after his home and land were sold devided between the children of the family
Expert:  Stephen G. replied 9 months ago.

That shouldn't be a problem then; there shouldn't be any income tax to pay either.

(without a shadow of a doubt) :]

Steve G.

Expert:  Stephen G. replied 9 months ago.

Please remember to rate my response as that is the only way I will receive my share of the payment that you have already made to the site.

Thanks very much,

Steve G.

Expert:  Stephen G. replied 9 months ago.

10/24/2016 UPDATE

Do you have any additional follow-up questions or may I be of any further assistance?

If so, please let me know. If not, I would appreciate it if you would take a moment to rate my response as that is the only way that I will receive my share of the payment that you have already made to the site. There is no additional charge to provide a rating for me but it is important to me as it is necessary for me to close out the question and for my performance statistics.

Thanks very much,

Steve G.