Legal Question in Wills and Trusts in Illinois
Inheritance of less than $2000
My great aunt has left this small amount which I intend to pay my child's annual college plan with - are taxes due on this amount?
Asked on 5/12/09, 10:45 pm
1 Answer from Attorneys
Re: Inheritance of less than $2000
Taxes aren't due on inherited amounts unless they come out of an IRA or a similar retirement plan that contains funds that weren't previously taxed.
Answered on 5/12/09, 11:09 pm
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