Legal Question in Wills and Trusts in North Carolina
I would like to find out how to determine the taxes from money inherited
Asked on 2/15/11, 1:12 pm
1 Answer from Attorneys
I do not have enough information to answer your question. What taxes are you talking about? There is no inheritance tax in North Carolina. When did the deceased die? North Carolina estate tax is tied to the federal tax. If the deceased died last year, there is NO estate tax at all.
For 2009, estates over $3.5 million would be subject to tax. For 2011 and 2012, only estates over $5 million ($10 million for married couples) would be subject to tax. Are you the beneficiary of an estate that is that large? And, estate taxes are paid by the estate of the deceased, not the beneficiary.
Answered on 2/15/11, 7:24 pm