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Old 12-30-2009, 01:20 PM
 
Location: Las Vegas, NV
232 posts, read 676,420 times
Reputation: 258

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Does anyone know if I will have to pay taxes on an inheritance I received this year? I'm wanting to put this money toward the purchase of a house, but I don't want to allocate all of it if I'm going to have to pay taxes on it. I'll need to make sure I have enough set aside for any potential taxes. I have looked up and down for information on this, but just can't quite understand the laws on this subject. Please advise.
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Old 12-30-2009, 01:54 PM
 
549 posts, read 1,380,252 times
Reputation: 164
Quote:
Originally Posted by cold ethyl View Post
Does anyone know if I will have to pay taxes on an inheritance I received this year? I'm wanting to put this money toward the purchase of a house, but I don't want to allocate all of it if I'm going to have to pay taxes on it. I'll need to make sure I have enough set aside for any potential taxes. I have looked up and down for information on this, but just can't quite understand the laws on this subject. Please advise.
Depends on the amount for the Feds. The last I read was $12K per year, but you'll need to get 'advice' from an atty or the IRS to be certain.

For NV, nada. Residency (http://www.leg.state.nv.us/lcb/research/residency.cfm - broken link)
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Old 12-30-2009, 02:30 PM
 
11,177 posts, read 16,016,652 times
Reputation: 29925
Quote:
Originally Posted by sierramadre44 View Post
Depends on the amount for the Feds. The last I read was $12K per year, but you'll need to get 'advice' from an atty or the IRS to be certain.

For NV, nada. Residency (http://www.leg.state.nv.us/lcb/research/residency.cfm - broken link)
Recipients do not pay federal estate tax, estates do. Any money you receive will be net of any taxes that the estate may have had to pay.
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Old 12-30-2009, 04:58 PM
 
1,410 posts, read 3,319,154 times
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Ethyl, if you are the only recipient of the estate, then as it went through probate, you would have paid the inheritance taxes. If there were other beneficiaries and you are just one of them, the estate would have been taxed before the money passed to you. So basically the answer is no, it should already be taken care of.
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Old 12-30-2009, 05:01 PM
 
549 posts, read 1,380,252 times
Reputation: 164
Quote:
Originally Posted by MadManofBethesda View Post
Recipients do not pay federal estate tax, estates do. Any money you receive will be net of any taxes that the estate may have had to pay.
I guess my response wasn't clear. Sometimes my mind is thinking, but my fingers aren't typing as quickly. By saying feds, I was thinking when filing federal income taxes the question that asks --- any other unreported income.
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Old 12-30-2009, 05:08 PM
 
Location: Silicon Valley
3,683 posts, read 9,860,889 times
Reputation: 3016
Quote:
Originally Posted by sierramadre44 View Post
Depends on the amount for the Feds. The last I read was $12K per year, but you'll need to get 'advice' from an atty or the IRS to be certain.
$12k sounds like the gift tax exclusion, which is different, but related. It went up to $13k this year.
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Old 12-30-2009, 10:58 PM
 
Location: Silicon Valley
3,683 posts, read 9,860,889 times
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This only affects the wealthy, but it is pretty messed up:

Estate tax expiration poses dilemma for terminally ill - MSN Money
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Old 03-27-2013, 01:14 PM
 
1 posts, read 5,142 times
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IF anyone can help me that would be fantastic!! I just liquidated roughly 330 shares of stocks,so do I have to file taxes on it?!! My lawyer in HAWAII said that inheritance taxes kicked in after 250,000 and i'm no-where close to that!! Any HELP would be greatly appreciated
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Old 03-27-2013, 02:17 PM
 
Location: Anchorage, AK
43 posts, read 209,324 times
Reputation: 70
Inheritance tax, if the inheritance exceeds $5,250,000, is paid by the heir on his personal tax return. If the share of the inheritance is less than $5,250,000, the heir will owe no additional federal income tax.

Nevada has no State Income tax, so you won't be taxed by Nevada either.
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Old 03-27-2013, 02:18 PM
 
4,862 posts, read 7,962,597 times
Reputation: 5768
Spend the money and talk to a tax professional.
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