I received a brcrhuo
I received a brcrhuoe in the mail today from Windermere called Home Update (volume 32, issue 2). It contains some tax information and has a sidebar titled Inheriting Real Estate. It states in part: After being suspended in 2010, the tax sometimes called the death tax because it's imposed on the real estate and money inherited from loved ones who have passed away has been reinstated, but with all-new rules. One big change is the amount you can exempt from the tax, which is now $5 million. That means if you inherited property (and/or other valuables) in 2011, you'll only pay tax if the total inheritance was great than $5 million. Correct me if I'm wrong (I'm not a tax professional), but I don't think there is a federal inheritance tax in this country. And I don't think this is a matter of semantics (inheritance/estate). The last sentence is wrong either way. You don't pay federal tax on what you inherit; the estate is what is taxed, when it exceeds $5 million. Again, if someone knows differently, please educate me. Rate this comment: 0 0
Last edited by Kanchan; 04-20-2014 at 01:35 PM.