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!
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