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You just inherited money from a relative who died in New York you live in Rhode Island which has an inheritance tax transfer tax Are you responsible for the RI tax?
Lovinlife32
First, Rhode Island doesn't have an inheritance tax, it has an estate tax - there is a difference but unless you are going to be handling interstate estate matters, don't worry about it.
Regardless of whether Rhode Island has inheritance tax or an estate tax, if the deceased was a New York resident and the property was in New York, only the New York taxes would be levied.
New York would collect the taxes from the estate, however, if the executor somehow paid you and didn't pay the New York taxes then New York could collect the taxes, penalties and interest from you.
Tax attorney/CPA
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∙ 14y ago
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Do I have to pay estate taxes on inheritance property?
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.
Will you owe income tax on an inheritance after the inheritance tax is paid?
In the USTax issues regarding estates and inheritance are an extremely complicated matter as you can see from the various responses below. You should get your answers from an experienced tax professional who is an expert and up to date on estate tax returns and tax consequences for beneficiaries. State laws vary and certain inherited property is subject to state and federal taxes.If you inherit something like a tax-sheltered account, you may owe income taxes when you make withdrawals from the account. Examples are a traditional IRA or a 401k.If you inherit property that has gone up in value since the date of death, you may have to pay tax on the increase in value when you sell it.If you inherit US Savings Bonds on which the previous owner has not been paying taxes annually, you may owe income tax on the interest when you cash them in.If you inherit corporate bonds, you may have to pay income tax on any interest payments after the date of death.As a general rule, property of value, accquired by inheritance is not taxed as income to person who receives the property. On the other hand, the transaction of the transfer of property belonging to an 'estate' is taxed to the 'estate' if the total value of the estate exceeds certain amounts. The amount of the tax is determined by the value of the estate, and not the value of the individual property in a transfer.It is more or less safe to say that an inheritance is not taxed as income to the person who inherits. However, if the property is transfered before the proper transfer tax is paid, the state or federal government can go beyond the transfer to the property in the hands of the inheritor.It is possible to have some taxable income from an inheritance the source and the type of income that is inherited is what will determine this.Inherited pension or IRA. If you inherited a pension or an individual retirement arrangement (IRA), you may have to include part of the inherited amount in your income. See Survivors and Beneficiaries in Publication 575, if you inherited a pension. See What If You Inherit an IRA? in Publication 590, if you inherited an IRA.Expected inheritance. If you sell an interest in an expected inheritance from a living person, include the entire amount you receive in gross income on Form 1040, line 21.Bequest for services. If you receive cash or other property as a bequest for services you performed while the decedent was alive, the value is taxable compensation.Taxes may be due depending on how long you have held the property since it was inherited and it is sold at a gain.You may or may not depending on the amount and the nature of the property: real property, cash, annuity, stocks, etc. Your first move should be to get your information from an experienced "tax practioner" that is familiar with and up to date on preparing estate returns (706, 1041) and the resulting effect on beneficiaries.State inheritance taxes must be paid within a certain time period from the date of death. In New Jersey it is 8 months. Usually the estate pays it and deducts that amount from the amount that person is to inherit. Thus, the inheritance tax payment might be made a good deal sooner than the person actually receives the inheritance. The federal estate tax is a tax on the estate, not on the inheritances by individual beneficiaries, so that tax has nothing to do with the time a beneficiary receives the inheritance. An inheritance is not "income" for income tax purposes under the IRS Code; therefore the time for inheritance tax payments has nothing to do with the time for income tax payment.Inheritance tax, estate tax and death duty are the names given to various taxes which arise on the death of an individual. In United States tax law, there is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased, while the latter taxes the beneficiaries of the estate. However this distinction does not apply in other jurisdictions: for example, if using this terminology UK inheritance tax would be an estate tax.In the UKIn the United Kingdom, inheritance is not taxed as income, but there might be a liability to inheritance tax - this would be subject to several factors including the relationship to the beneficiary and the amount of the estate.If Probate was applied for succesfully and correctly money received from an inheritance is tax free. It is the estate that is taxed, generally before anyone receives any money. Inheritance tax must be paid before you receive the Grant of Probate or Letter of Administration and is only due in England for estates above £312k as of April 08-Apr 09. (Or £624k if a married couples allowance is claimed under the new rules)
Does ny require an inheritance tax waiver?
Required if the decedent was a legal resident who died before July 1, 1978, and the value of the securities is $2,000.00 or more.Required if the decedent died after July 1, 1978, and the value of the securities is over $30,000.00.Not required if registration is Joint Tenant and transfer is to surviving spouse.
What is the plural of memorandum of transfer?
The plural form is memorandums of transfer.
Transfer prop 13 tax from sale to purchase?
how to transfer prop 13
What has the author John Coombes written?
John Coombes has written: 'Capital transfer tax' -- subject(s): Gifts, Inheritance and transfer tax, Law and legislation, Taxation 'Wilderness edge' 'Inheritance tax' -- subject(s): Inheritance and transfer tax
What has the author Glen Richard Treanor written?
Glen Richard Treanor has written: 'Inheritance taxes' -- subject(s): Inheritance and transfer tax
What has the author Max West written?
Max West has written: 'The inheritance tax' -- subject(s): Accessible book, Inheritance and transfer tax
Can your wife give her inheritance that she received from her father to you?
Yes. If the inheritance includes real property she must transfer title to you by a deed after the estate is probated.
What has the author Wolfe D Goodman written?
Wolfe D. Goodman has written: 'Estate planning course' -- subject(s): Estate planning, Gifts, Inheritance and transfer tax, Taxation 'The new provincial succession duty system' -- subject(s): Inheritance and transfer tax 'The new provisional succession duty system' -- subject(s): Inheritance and transfer tax
Did Mendel develop the first workable theory of the transfer of inherited traits?
Yes.
Which mode of transfer is mainly responsible for the transfer of heat in solid?
CONDUCTION
What has the author Burt Rufus Glidden written?
Burt Rufus Glidden has written: 'Inheritance and estate tax laws (annotated)' -- subject(s): Inheritance and transfer tax
What is the heat transfer mechanism responsible for the daily wind cycle?
heat transfer through convection.
Do I have to pay estate taxes on inheritance property?
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.
Can a person legally own land in Alabama without a deed?
Yes. Land can be inherited from a probated estate and it can be transferred to a new owner by a court order after a trial. The most common way to transfer ownership of land is by deed.Yes. Land can be inherited from a probated estate and it can be transferred to a new owner by a court order after a trial. The most common way to transfer ownership of land is by deed.Yes. Land can be inherited from a probated estate and it can be transferred to a new owner by a court order after a trial. The most common way to transfer ownership of land is by deed.Yes. Land can be inherited from a probated estate and it can be transferred to a new owner by a court order after a trial. The most common way to transfer ownership of land is by deed.
Can I Transfer property to a relative?
Yes you can. You should seek the advice of an attorney to make certain the transfer is done properly and to discuss your options.
