How much can I exclude as "income" for 2010 for an inheritance gift that I received?
If I received a gift from a deceased relative for $25,000; how much of this do I need to declare on my 2010 Federal state income tax return
It depends on what you inherited. Your relationship to the deceased. And where you live-- it can vary state to state. Also there are differing terms "estate tax" and "inheritance" tax. Life insurance payments to you typically aren't taxable, annuities and items like that are. Land isn't usually taxable unless you sell/sold it, and the profit of the sale is taxed (providing that there is a appraisal before and after the sale), or it's possible that you would have to use the appraisals from taxes paid on the land. And depending on the total value of the estate--I believe it is now 3 million dollars. Sorry that that answer pretty much didn't answer your question. Your CPA will be able to tell you more. Good luck!
by binkhong khoo 13 years ago
I received an inheritance of $54,000 with a 1099S and a life insurance payoff of $2500. Where...do I report these in the Federal and NJ state tax forms?
by Ann Carr 11 years ago
What would be the best gift/inheritance to leave to your grandchildren?This can be an object, an heirloom, a new gift or a gift of any other kind.
by tobey100 13 years ago
Rep. Anthony Weiner (D-NY), pronounced wee-ner by the way, has publicly made the claim that the inheritance tax is fair because the individual leaving the inheritance is dead. Basically, what do they care? They're dead. Besides, it's only FAIR. (I hate that word. ...
by RAJKISHOR SAHU 14 years ago
Hello all my hubbers, this new year 2010 brought drastic change in my Adsense revenue. I have noticed that from this month my Adsense income is not like as it used to be. I mean click vs. revenue. It suddenly changed, income reduced to almost 50-60%. Please help me.
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