0
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
What else can I help you with?
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)
What is the person called who writes out a cheque?
The person who writes out a cheque is called the "drawer." This individual is responsible for authorizing the payment by signing the cheque, directing their bank to transfer a specified amount of money from their account to the payee.
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.
What is mendels theory of the transfer of traits?
Mendel's theory of the transfer of traits, also known as Mendelian inheritance, states that genetic traits are determined by the inheritance of alleles from parents. These alleles segregate independently during gamete formation and randomly combine during fertilization, resulting in offspring with specific traits based on the combinations of alleles inherited.
Did Mendel develop the first workable theory of the transfer of inherited traits?
Yes, Gregor Mendel is considered the father of modern genetics for his work on pea plants, which led to establishing the fundamental principles of heredity. He proposed the first workable theory of the transfer of inherited traits through his experiments on pea plants that introduced the laws of inheritance.
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
Which molecule is responsible for passing characteristics of parents to their offspring?
The molecule responsible for passing characteristics from parents to their offspring is deoxyribonucleic acid (DNA). DNA contains genes, which are segments that encode specific traits and instructions for development. During reproduction, DNA is inherited from both parents, ensuring the transfer of genetic information to the next generation. This genetic inheritance plays a crucial role in determining physical and biological traits in offspring.
How can I transfer inheritance money to my bank account?
To transfer inheritance money to your bank account, you will need to provide the necessary documentation, such as a copy of the will or death certificate, to the executor of the estate or the financial institution handling the inheritance. They will then facilitate the transfer of the funds to your designated bank account.
How are inherited factors passed from generation to generation?
Inherited factors are passed from generation to generation through genes, which are segments of DNA that code for specific traits. Offspring inherit half of their genes from each parent, leading to unique combinations of genetic information. This process of inheritance ensures the transfer of genetic traits from ancestors to descendants.
Can one give their share of their inheritance to another family member?
Yes, an individual can choose to gift their share of inheritance to another family member through a legal process such as a gift or a deed of transfer. Depending on the inheritance laws in the specific jurisdiction, there may be tax implications or legal procedures to follow when transferring ownership of inherited assets. It is advisable to seek guidance from a legal professional to ensure the process is carried out correctly.
Can you transfer an inherited IRA to another beneficiary?
Yes, an inherited IRA can be transferred to another beneficiary through a process called a "trustee-to-trustee transfer" or a "direct transfer." This allows the new beneficiary to continue the tax-deferred status of the IRA.
Can an inheritance be relinquished from one sibling to another?
Yes. You should seek the advice of an attorney who specializes in probate to make certain the title to the property is transferred properly. In some jurisdictions a deed must be executed to transfer title to real property effectively.
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 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
