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I am receiving $30M as an inheritance from my father, who passed in 2009, but I

  1. profile image44
    winkie64posted 7 years ago

    I am receiving $30M as an inheritance from my father, who passed in 2009, but I won't receive...

    the money until 2011.  Will I owe tax, and which tax years governs the amount?

    replyreport
  2. Mark C Middleton profile image63
    Mark C Middletonposted 7 years ago

    Any inheritance tax is paid by the estate prior to distribution to beneficiaries, meaning, you do not report the inheritance as income, it is not taxable.  However, if you are a residual benficiary, you may have reportable income generated by the money/assets during 2009 and/or 2010 prior to its distribution.  If so, you will recieve a K-1 from the estate for any taxable income, i.e. interest, dividends, gains or losses, rents, royalties, etc., that those assets generate. I too lost my father in 2009, my condolences.  Honor your fathers wish for your future by Investing your inheritance wisely.

    replyreport
 
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