taxes
 

 death  taxes







 

Question by  worker6117 (32)

Do I have to pay taxes on money I inherited?

 
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Answer by  patti (29325)

It depends on how the inheritance was set up. Sometimes, taxes are withheld before the money is disbursed. Check with the executor of the estate.

 
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Answer by  YourMoneyAnswerGal (654)

No, any taxes would be paid by the decedant's estate before distribution is made of the inheritance. Exceptions are funds received from certain types of trusts.

 
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Answer by  Chaneygirl (1755)

Generally, no. The estate pays the taxes with the exception of traditional IRA's and retirement plans if you are the beneficiary (not the estate), then you would need to pay the taxes.

 
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Answer by  cgroverla (516)

If you inherit money that has never been taxed, such as a traditional IRA, you will pay income tax. If you inherit money that was not subject to income tax for the decedent, you will not pay income tax.

 
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