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?
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.
by binkhong khoo7 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 DARICANMAMI4 years ago
Why are so many people unable to see passed race or color in 2009 ?I am mixed like I like to say it I am half Italian and half Puerto Rican and I still have to deal with both sides it seems hard for me to just be seen...
by gassmant7 years ago
do i have to pay an inheritance tax on cd s of 102,000
by Josak5 years ago
I had always assumed that food stamps provided an adequate or perhaps even excessive amount of "money" for the food needs of those struggling to get by, today I found out I was wrong, something which is...
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