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Inheritance Tax
Posted on 4/26/13 at 10:10 am
Posted on 4/26/13 at 10:10 am
Are there any taxes that will have to be paid after inheriting $20K from a recently deceased family member?
Thanks!
Thanks!
9
Posted on 4/26/13 at 10:23 am to will1883
Inheritance taxes on 20k -- not in Louisiana.
Posted on 4/26/13 at 10:30 am to will1883
quote:
Are there any taxes that will have to be paid after inheriting $20K from a recently deceased family member?
Shouldn't be any federal taxes, but I don't know about state taxes
Posted on 4/26/13 at 10:50 am to will1883
cash?
Posted on 4/26/13 at 10:54 am to will1883
No, there will be no taxes for you to pay.
Posted on 4/26/13 at 10:56 am to Beerinthepocket
quote:
What taxes are due on an inheritance?
Louisiana no longer taxes inheritances. The federal government taxes inheritances when the net estate exceeds the applicable exclusion, which is shown in the following table:
Posted on 4/26/13 at 11:48 am to Lsut81
Posted on 4/26/13 at 2:19 pm to will1883
I recently inherited a good bit of cash and I have 0 taxes on it.
Posted on 4/26/13 at 6:47 pm to will1883
Not in La
Posted on 4/27/13 at 1:55 pm to will1883
Only if the Donor that left you the money had an estate in excess of $5,250,000 and that gift was after they had already used their unified credit and that donor failed to pay the gift tax. If all of these things are true, you may be secondarily liable for the gift tax. Also, you would only be liable for an amount in excess of $14,000 as that is the annual exclusion per donee per year. If all of this is true, you may have to pay tax on $6,000.
I highly doubt this is the case. You are likely home free my friend.
I highly doubt this is the case. You are likely home free my friend.
Posted on 4/27/13 at 9:30 pm to ShreveportTIGER318
whoever proposed this tax going way back deserves a bullet in the head.
Posted on 4/29/13 at 1:55 pm to lsufan112001
The recipient doesn't pay the tax anyway, regardless of the size of the estate. You are home free
Posted on 4/29/13 at 8:26 pm to xenon16
quote:
The recipient doesn't pay the tax anyway, regardless of the size of the estate. You are home free
Not always true. There are times when the recipient can be liable. Usually this is after a long period of time since the gift and the donor is broke.
Also, some donees can accept liability for the gift tax (in gift context) and bring down the value of the gift. Called a net-gift.
Here, neither of these is likely the case.
Posted on 4/30/13 at 11:03 am to ShreveportTIGER318
You are correct, even in the realm of the estate tax the beneficiaries can be responsible for their own pro rata share of the inheritance tax if specifically spelled out in the will.
However, I've never seen or heard of this actually happening outside of some old court cases. I've even seen that the executor was responsible before the beneficiaries.
Now that there is now a $5mm+ estate tax exclusion, I don't really see any estates running out of money and making beneficiaries pony up
However, I've never seen or heard of this actually happening outside of some old court cases. I've even seen that the executor was responsible before the beneficiaries.
Now that there is now a $5mm+ estate tax exclusion, I don't really see any estates running out of money and making beneficiaries pony up
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