Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

With the revisions in the law, do I still have to pay tax on…

Customer Question
With the revisions...

With the revisions in the law, do I still have to pay tax on inheritance?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

New York

Accountant's Assistant: Has anything been filed or reported?

No

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 11 minutes by:
12/22/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,566
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified

Hello. Happy Holidays!! Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. On the federal level an inheritance is not taxable and that does not change under the new tax reform. Are you inquiring about an inheritance or estate tax?

Ask Your Own Tax Question
Was this answer helpful?
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I recently filed both federal and state taxes but received a
I recently filed both federal and state taxes but received a 1099s from a one time real estate transaction ( sold my primary residence) … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,566 satisfied customers
I filed my state and federal taxes electronically and then
I filed my state and federal taxes electronically and then realized that I accidentally omitted something that significantly changes my refund from the federal and my payment to the state. I need to f… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Any estate tax on 401K beneficiary funds in Arizona?
any estate tax on 401K beneficiary funds in Arizona? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
Your website indicated state inheritance taxes are
Your website indicated state inheritance taxes are deductible on Form 1040 Schedule A. Can you provide documentation of this? … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,566 satisfied customers
State and federal tax question. My wife creates jewelry at
State and federal tax question. My wife creates jewelry at home to sell. She sells it online and to the general public. She sells it to individuals and at events. She does pay N.C. state tax quarterly… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
What are the irs tax es on inherited estates in the state of
What are the irs tax es on inherited estates in the state of Ohio? My question is If I sold a property I inherited and received a total of 275,000.00 for my share of the property would I be subject to… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I used Turbo Tax to prepare my federal and state tax
I used Turbo Tax to prepare my federal and state tax returns. I specified to e-file both. I found out later that neither were filed. WHY? my printer doesn't work so can't print my returns. How do I ge… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
BONE FIDE PUERTO RICO LAW. Military and I paid federal taxes
Military and I paid federal taxes but my home of record is puerto rico they also took state taxes … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Federal and California state taxes: Yet another "Do I Need
Federal and California state taxes: Yet another "Do I Need To File" questionMy wife and I receive Social Security benefits totaling a bit more than $35K annually, and in the past we have not needed to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
The new federal tax law doubles the amount of money that's
The new federal tax law doubles the amount of money that's automatically exempt from the federal estate tax -- to roughly $11 million of an estate for someone who was unmarried. The provision remains … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What are the different federal and state tax brackets for
What are the different federal and state tax brackets for someone on social security and receiving some rental income?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I paid an PA state inheritance tax of $4200 (I live in OR).
I paid an PA state inheritance tax of $4200 (I live in OR). An article from 2010 stated that an inheritance tax can be claimed on the 1040 Federal form under "other taxes". It claimed it would only in… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I just read your answer about federal/stae inheritance taxes
I just read your answer about federal/stae inheritance taxes and it confused me, I inherted assets from my aunt through a will. The executor informed me that I should not submit my federal tax until s… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How monthly real estate taxes are calculated in the state of
How monthly real estate taxes are calculated in the state of NY on real estate? Are they re-calculated upon the new assessment of the building? As I am looking for a new town home to buy, should I exp… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
125 satisfied customers
TAXES: Taxpayer owes Federal and State taxes for previous
TAXES: Taxpayer owes Federal and State taxes for previous years and has established a re-payment plan with both agencies. Can the taxpayer claim the taxes paid to the State of Maryland on his Federal … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
Is there federal tax on inheritance of $20,000? I am retired
I am retired and have social security and a small pension. My sister passed and left me about $20,000 last year. … read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,566 satisfied customers
My mother died in Illinois. On the federal estate tax return
My mother died in Illinois. On the federal estate tax return she has 3.9 million adjusted gross estate and 1.5 million in taxable gifts made in 2010 and 1.7 million in unused exemption from my father'… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x