This publication provides a general understanding of when federal estate and gift taxes apply and when they do not. It explains how much money or property you can give away or leave to your heirs before tax will be owed.
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No. Cash that you receive as an inheritance isn't included in your income, because it isn't taxable.For more information, go online at www.irs.gov/formspubs. Select Publication Number. Type 559 to read/print Publication 559 (Survivors, Executors, and Administrators). Another helpful publication is Publication 950 (Introduction to Estate and Gift Taxes).
41% of 950= 41% * 950= 0.41 * 950= 389.5
15% of 950= 15% * 950= 0.15 * 950= 142.5
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950
1650 + 1650 + 950 + 950 = 5200
(3/5) of 950 is 3/5 * 950 or 3*950/5 = 570
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