jalobe
inheritance tax
Ihave been getting conflicting answers on the question of whether or not to pay taxes on money left by a relative who passed away. I have been told that this money is really a "gift" and is not liable for Fed and State taxes. Also, we are currently pre-paying the "estimated tax" (in quarterly istallments) so as to avoid a penalty. I never heard of paying this years tax until the following year. is the government entitled to this money?
Hope someone has some answers--Thank You- "confused"
1 Answer
Dollybird
As you have not said, where u hv been getting conflicting answers from, wounder have you got legal advice ?
jalobe
Dollybird
| 14 years ago. Rating: 0 | |
Sorry I didn't give more info: We did not seek legal advice- just from our tax preparer, and it was the power of attorney for the deceased estate that claimed we shouldn't have to pay tax. This was a cash gift over the amount of $12,000. Hope this was more helpful. Thanks
Maybe to get legal advice be good. Do you have a letter stating you shouldent hv to pay tax, fr the tax preparer. Always good to hv written proof.
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