It isn't an inheritance. It is a payment for services rendered. Just like anyone else getting paid for work. (If she actually is a lawyer or accountant, or as administor she hired one, would you have any question if those payments were income to the recepient?) Taxable. I believe the estate she was managing needs to provide a 1099 too.
Generally the taxes are paid by the estate.
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Yes, you will have to pay estate taxes on inherited property. In the United States an estate taxes is always imposed on the transfer of the "taxable estate" of a deceased person. Have already paid state taxes for CA. in FEB. Are there going to be more? I've paid taxes, is there aditional taxes included.
Yes, you will have to pay taxes on any estate money received.
Estates pay taxes on income and may have to pay inheritance taxes.
The amount of taxable inheritance depends on the entire estate. If the amount of the estate that the 60,000 was inherited from is over 2 million dollars then the income is taxable. If the estate was worth less then that then there are no taxes on the estate.
Taxable gross income includes professional fees paid to you.
Generally the taxes are paid by the estate.
No, they did not. They were exempted from paying taxes. Only the 3rd estate (the bourgeoisie) had to pay taxes.
Zero. Estate taxes start at $3.5 million dollars value, so .5 isn't going to be taxed.
Estate taxes are levied on the entire estate of a person.
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Yes, you will have to pay estate taxes on inherited property. In the United States an estate taxes is always imposed on the transfer of the "taxable estate" of a deceased person. Have already paid state taxes for CA. in FEB. Are there going to be more? I've paid taxes, is there aditional taxes included.
If there is an estate, there are tax forms to be submitted. They may not result in any estate taxes, but they have to be filled out and sent in. That is one of the responsibilities of the executor.
Insurance benefits are considered part of the decedent's estate. There are (theoretically) estate taxes due on them, but unless your son had a lot of other assets or an unusually large policy it's unlikely that there will be any estate tax due; the first five million dollars of the estate's assets (roughly) are exempt from federal estate taxes (it may not be exempt from state taxes, though; check with a tax professional if you're not sure). Benefits received from someone's estate are not subject to income tax.
Assuming you mean inheritance or estate taxes, not as such. A will simply provides for the distribution of the assets on the death of the testator. Some forms of distribution, usually relevant only to estates worth a million dollars or more, may defer or affect estate taxes, but the surest way to avoid taxes is by trusts and certain other means created before death, not by the will.
The term "real estate taxes" means the taxes on the property that you own. Your real estate is the property itself. This tax is generally payed annually to your county.