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In New York State, inherited money is generally not subject to income tax for the beneficiary. However, estates may be subject to estate taxes if their value exceeds the state threshold. Additionally, if the inherited money generates income (like interest or dividends), that income would be taxable. It's advisable to consult a tax professional for specific situations.
What else can I help you with?
Are executor fees taxable in New York state?
They are income for the executor. Yes, they are taxable.
Are capital gains taxable by New York City?
New York City taxable income is based on New York State taxable income, which taxes capital gains as ordinary income. Therefore, yes, NYC taxes capital gains.
Is punitive damage in a law suit taxable in New York city?
Punitive damages that are awarded in a lawsuit are generally not taxable in the state of New York. However, they can become taxable if they are used to pay or compansate the plaintiff for non-persoanal injuries.
Is New York State unemployment compensation taxable for a North Carolina resident?
Yes.
Is supplemental unemployment benefits taxable to the state of new york?
they farted 2 often
If your spouse inherits money during your marriage in New York state and he files for divorce are you entitled to any of the inherited money?
Wisconsin is a community property state. That means whatever individual property you bring to the marriage, or acquire by an individual gift or inheritance, remains your individual property.
Are membership dues taxable in new york state?
YEs for anything over $10 annually.
Is gain on sale of rental property taxable to a non resident of New York state?
Yes, both at the Federal and State levels. Your business activity made you taxable on this, and possibly other income, too NYS whether you reside there or not.
How does New York State determine estate tax?
New York State determines estate tax by multiplying the property's taxable assessment minus any exemptions by the tax rates for school districts and municipality.
Do New York State residents have to pay New York State capital gains tax on sale of an out of state property inherited 30 years ago?
Yes. Federal tax is due on the gain also.
Where can one find more information about the sales tax in the state of New York?
One can find our more information about the sales tax in the state of New York from the New York Department Of Taxation and Finance. The guide explains in detail what's taxable or not.
Are meals taxable in New York?
yes
