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Cash Donations - Deduction Question? |
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How to save income tax? Please help? |
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What is the maximum amount you can legally pay in pennies? |
Or nickels, dimes, etc.?
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I have an unemployment question? |
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Should I provide the irs my bank statements for 2007? |
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auntie_dawns_place | Recently i inherited a large sum of money from my deceased grandparents. in calif. is there a inheritance tax? |
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10
|
http://www.sco.ca.gov/col/taxinfo/estate/index.shtml
Heres another great link with tons of info
http://www.wisegeek.com/what-is-an-inheritance-tax.htm |
|

MathMan TG
 |
The taxes should be paid by the estate before
(or as) the assets are distributed.
Here is the IRS page on the Federal Estate Tax:
http://www.irs.gov/businesses/small/article/0,,id=98968,00.html
If the total value of the estate (not just your share) is under
$2,000,000 there is no Federal tax.
I did not find the limits for California, but they are probably the same.
Here is the relevant page for California:
http://www.sco.ca.gov/col/taxinfo/estate/index.shtml
There are special "Generation Skipping Rules" which
may or may not apply.
In any case, you should contact whoever handled
the estate with any questions. |
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Jss
|
There is no federal tax on inheritances. Also, CA does not tax inheritances.
You may like to read this for more information:
http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html |
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Melissa C
|
I didn't have to pay taxes on the money I got from my grandparents but I dunno that was only 10,000 dollars but I think it also depends on how much you made during the year and all and it might go by state sorry I couldn't be of more help and sorry about your grandparents |
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lainibug1979
 |
I'm pretty sure there is one with the IRS but state to state may vary. Check out this great info I found on Wikipedia:
http://en.wikipedia.org/wiki/Inheritance_tax |
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Ryan C
|
Yeah, pay your taxes to me. |
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THOMAS M
|
Not sure about Calif., but I know there is in Pennsylvania. Not sure if it's federal or not |
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Boomer
|
It would depend on the amount. If it is under $250,000 according to federal IRS laws, it should be exempt. |
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