T
TrentDuke
Guest
What is the name of your state? Kentucky
I am 1 of 4 equally in an estate in KY. I am having a little difficult time getting basic facts about paying taxes if any.
I know the federal govt taxes estates but this one is small around $125K total so there will be no estate tax at the fed level correct? Do each of us then have to claim whatever we get to the IRS as "income" next year tax filing and pay taxes that way? Or is such income exempt from personal taxes?
At the state level what is paid? I downloaded a pdf format estate tax forms for my state. It doesn't say at what point an estate is taxed. It does say that I have to pay "inheritance tax" as an individual cause of the generational skipping tax law along with my bro. Says my mother and uncle do not. Do I have to pay that after the state taxes the estate or is my part of the inheritance tax the way my state taxes estates. I read somewhere that states tax the estate as a whole OR taxes each of us. But not do both.
Anyone can help me out here?
Trent
I am 1 of 4 equally in an estate in KY. I am having a little difficult time getting basic facts about paying taxes if any.
I know the federal govt taxes estates but this one is small around $125K total so there will be no estate tax at the fed level correct? Do each of us then have to claim whatever we get to the IRS as "income" next year tax filing and pay taxes that way? Or is such income exempt from personal taxes?
At the state level what is paid? I downloaded a pdf format estate tax forms for my state. It doesn't say at what point an estate is taxed. It does say that I have to pay "inheritance tax" as an individual cause of the generational skipping tax law along with my bro. Says my mother and uncle do not. Do I have to pay that after the state taxes the estate or is my part of the inheritance tax the way my state taxes estates. I read somewhere that states tax the estate as a whole OR taxes each of us. But not do both.
Anyone can help me out here?
Trent