QUESTION
Do I have to pay state or Federal income tax on the $70K I just inherited from my dad?
Asked on Mar 11th, 2013 on Taxation - California
More details to this question:
I live in CA. My parent passed away in Oregon. We are waiting for everything to settle. When proceeds come my way, do I pay Federal & state tax? If so, how much should I figure on taking out to pay for taxes saying that the figure could be anywhere from $45K-$65K when done?
1 ANSWER
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Inheritances are not subject to income tax.
Answered on Mar 12th, 2013 at 2:41 PM