inheritance tax on property
RE inheritance of parent's property, do you have to pay income tax in Illinois?
Thank you very much!!!
:)
Asked on 3/10/07, 3:47 pm
1 Answer from Attorneys
Re: inheritance tax on property
Generally, there is no income tax due on most inherited property. However, if you are the beneficiary of a retirement plan, you may be subject to income tax on the amounts that are withdrawn from the account.
In addition, if funds have been held in an estate and have generated interest income, capital gains, you may be subject to tax on the income from the estate's assets.
It's best to have a tax advisor review the kinds of property received to determine whether there are taxes due.
Good luck to you.
Answered on 3/12/07, 10:04 am
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