Feb 10, 2010 from
Anonymous
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$200,000 to be inherited, what taxes do I need to prepare for?
I've already tried...
Answers
About the Expert
I have several years of preparation experience, with a focus on rental property, tuition deductions, and scholarship credits. I have worked with simple and complex returns. In addition, I spent two years editing tax booklets used by professionals around the country. View Profile
http://www.squidoo.com/fedinheritancelaws
"States that currently collect a tax on inherited estate money or property are Connecticut, Maryland, Massachusetts, New Jersey, Nebraska, Pennsylvania, Oregon, New York, Indiana, Kansas, Louisiana, Kentucky, and Iowa."
Federal estate tax is not issued for amounts less than $1,000,050. The state laws vary, so I would need to know what state you are in to estimate further.
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