4 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You do not owe federal taxes on inherited property. If the property you inherit produces income such as interest or dividends, you will owe taxes on that income.
Answered on Jul 18th, 2013 at 3:58 AM
Chapter 7 Bankruptcy Attorney serving Lisle, IL
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Mankus & Marchan, Ltd.
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In Illinois there is no inheritance tax, but there is federal and state tax to the decedent's estate after exemptions. The Illinois exemption in 2012 is $4,000,000.00 and the federal exemption is $5,250,000.00.
Answered on Jul 17th, 2013 at 11:10 AM
The answer depends on the type of property you are inheriting. If an annuity, qualified plan,401(k), 4039b) certain pension interests or IRA, then yes you do. If not, then probably not.
Answered on Jul 17th, 2013 at 10:51 AM
Not income taxes. Depending on the size of the estate (more than $5 million) there might be federal estate taxes due. Depending on the property, there may be property taxes due.
Answered on Jul 17th, 2013 at 10:42 AM