I live I Indiana and received an inheritance from a relative in New York. I received a K-1 form showing amounts to use on tax form. What form do I need to use to report this. Do I owe taxes to New York or only need to show the amounts on Federal and Indiana tax forms?
New York does have an estate tax. They do not have an inheritance tax. It would be a good idea to consult a probate attorney in the Empire State of NY. They will know how to reduce the tax liabilities of the estate.
Virginia does not have an inheritance tax. But they do have an estate tax.
Washington state replaced its inheritance tax with an estate tax in 1982.
There is no federal inheritance tax, but there is a federal estate tax. A few states have a state inheritance tax and each state sets its own tax rate. You may be seeking information about the estate tax (which taxes the value of an estate after someone has died). Be sure you know the difference.
In some states.
inheritance tax ny
New York does have an estate tax. They do not have an inheritance tax. It would be a good idea to consult a probate attorney in the Empire State of NY. They will know how to reduce the tax liabilities of the estate.
Virginia does not have an inheritance tax. But they do have an estate tax.
Washington state replaced its inheritance tax with an estate tax in 1982.
Effective beginning in 2016 Tennessee eliminated the state inheritance tax.
No federal tax. You need to consult a CPA or tax accountant to find out if any state inheritance tax applies or not. You did not mention what state this is for.
There is no time frame. If you are a resident of the state when you inherit, you pay the inheritance tax per the state laws.
There is no federal inheritance tax, but there is a federal estate tax. A few states have a state inheritance tax and each state sets its own tax rate. You may be seeking information about the estate tax (which taxes the value of an estate after someone has died). Be sure you know the difference.
an i get a ny state tax form on line c
In some states.
you pay the tax of the state that you bought it in
California abolished it's Inheritance Tax in 1982. It cost the state $1 billion in the first year.