Question

How much money will I have left from my inheritence after taxes are taken out?

I am going to inherite $60,000.000 next month but this is without taxes taken out. I was told I would get a tax form from the attorny to submit with my taxes to my accountant. Could someone please tell me what taxes are taken out of this money and how much I will have to pay? I was wondering what I would have left. I live in Connecticut if that makes any difference as far as what taxes come out of the money.

5 years ago - 2 answers

Best Answer

Chosen by Asker

Unless your State has an inheritance tax, you'll get the full $60,000. There is no Federal inheritance tax. If any Estate Tax was due, it is paid by the estate before the funds are distributed to the beneficiaries.

CT's "inheritance tax" appears to be more of a transfer tax levied upon the estate. Consult with a local tax adviser for more details. It appears that the tax rate is 5.72%, so it would work out to $3,432 if you have to pay it.

5 years ago

Other Answers

There is no federal tax on inheritances. Most of the states do not tax inheritances. For your state, check at the state web site. For more information on inheritance taxation read: taxipay.blogspot.com/2008/02/tax-on...

by Jss - 5 years ago