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SVTPerformance's Chain of Restaurants
Road Side Pub
Inheritance $$$$$ tax's????
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<blockquote data-quote="FordSVTFan" data-source="post: 6108564" data-attributes="member: 2243"><p>It all depends on how the money was left to you. The will should set out how you are receive your inheritance. </p><p></p><p>The executor of the estate must calculate the "net" balance of the estate. Once that is done, any assets owned as "joint tenants" with the right of survivorship are deducted from that amount, along with any proceeds from insurance policies or retirements that state a beneficiary. At that point, you use the "Lifetime Gift Tax Exclusion and Estate / Inheritance Tax Table" and find which one works better for your situation, either the "gift tax ded." or the "inheritance tax" ded. </p><p></p><p>The amount left is your net that is used to calculate whether nor not any inheritance tax is due. If the net estate is larger than the tax exclusion, then the federal income taxes are due. </p><p></p><p>Typically under $600K to one person there should be no federal tax implication. State tax varies from state to state.</p></blockquote><p></p>
[QUOTE="FordSVTFan, post: 6108564, member: 2243"] It all depends on how the money was left to you. The will should set out how you are receive your inheritance. The executor of the estate must calculate the "net" balance of the estate. Once that is done, any assets owned as "joint tenants" with the right of survivorship are deducted from that amount, along with any proceeds from insurance policies or retirements that state a beneficiary. At that point, you use the "Lifetime Gift Tax Exclusion and Estate / Inheritance Tax Table" and find which one works better for your situation, either the "gift tax ded." or the "inheritance tax" ded. The amount left is your net that is used to calculate whether nor not any inheritance tax is due. If the net estate is larger than the tax exclusion, then the federal income taxes are due. Typically under $600K to one person there should be no federal tax implication. State tax varies from state to state. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Inheritance $$$$$ tax's????
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