Legal Question in Wills and Trusts in California
inheritance money
Do I need to pay tax on my inheritance money? The amount may exceed $100,000.
Asked on 11/28/08, 9:03 pm
1 Answer from Attorneys
Phillip Lemmons, Esq.
Phillip Lemmons APC, Attorneys at Law
Re: inheritance money
If there is any estate tax, it will be paid by the estate before anything is distributed to beneficiaries. Unless the estate's value exceeds 2,000,000, there won't be any estate tax. So in short you will not have to pay any tax on your inheritance, but the estate may have to pay something if the total value of the estate exceeds $2,000,000.
Answered on 11/28/08, 10:37 pm
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