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Old 10-17-2012, 12:16 PM
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Inheritance

Do I need to claim any inheritance cash?



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Old 10-18-2012, 01:09 AM
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“Do I need to claim any inheritance cash?”==> I am not sure what you mean; however, in general, most persons who inherit money in the US will owe no inheritance tax unless they live in a particular state and receive an exceptionally large inheritance,i.e., over $ 1million for instance, State governments levy inheritance taxes on cash sums and the FMV of all property inherited, such as real estate, jewelry, vehicles and investments. The U.S. government does not levy an inheritance tax. Eight states, IN, IA, MD, NB, NJ, Kentucky, TN and PA currently levy inheritance taxes as of May 2011. Most individuals will not owe a state inheritance tax on their earnings unless they inherit more than $1 million. Some states, such as NJ, allow an exemption from inheritance taxes for monies passed onto the spouse or children of a decedent. I guess you need to check it with Dept of Rev of your state.



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