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Old 05-16-2013, 09:01 AM
 
329 posts, read 417,905 times
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how much tax we should pay to irs if we receive 2 or 3 millions$.

i heared they don't tax up to 5.2millions.
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Old 05-16-2013, 09:20 AM
 
Location: TX
795 posts, read 1,282,625 times
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That is true, currently, provided the grantor has not already gifted his lifetime exclusion.
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Old 05-16-2013, 09:22 AM
 
Location: The Triad (NC)
31,415 posts, read 70,085,039 times
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Quote:
Originally Posted by cheapcharly View Post
how much tax we should pay to irs if we receive 2 or 3 millions$.
i heared they don't tax up to 5.2millions.
At the FEDERAL level there are one set of rules.

The basic federal estate-tax exclusion amount for estates...
now is set permanently at $5 million and is indexed for inflation.
Some more reading (and source) Link

At the State (and often County) level there are other rules.
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Old 05-16-2013, 09:34 AM
 
2,991 posts, read 3,804,289 times
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There is no such thing as a "death tax." Perhaps you are thinking of estate tax (paid by an estate) or inheritance tax (paid by an heir).

The exemption for federal estate tax is high -- now something like $5 million, with an exemption of $10 million possible under certain circumstances. There is no federal inheritance tax.

Different states have different rules. My state, NC, more or less follows the Federal schedule for exemptions. Some other states, for example NY, require payment of an estate tax at a much lower level. A few states require payment of an inheritance tax.
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Old 05-16-2013, 01:15 PM
 
Location: San Diego California
6,797 posts, read 6,649,081 times
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Quote:
Originally Posted by cheapcharly View Post
how much tax we should pay to irs if we receive 2 or 3 millions$.

i heared they don't tax up to 5.2millions.
No Federal tax, State taxes vary by state
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Old 05-17-2013, 04:10 PM
 
Location: Pearland
799 posts, read 2,222,216 times
Reputation: 694
The OP shouldn't owe anything to the federal government in the stated scenario.

IMO, no one should pay any death tax, or whatever else you want to call it to justify it.
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