Is money from will taxed??

[Valor]

My brother in law received $5000 in an uncles will.
How much (%) tax (if any) will I have to pay?

 

[advisor10]

3-23-2002

DEAR VALOR:

You forgot to mention what state you live in.

No you don't have to worry about paying taxes on this money. Inheritances are not taxable up to a certain amount in the hundreds of thousands of dollars. Probably also not taxable on the state income tax since there is no form for reporting it to either state or federal authorities.

Any local CPA or tax accountant can verify that for you.

SINCERELY,

advisor