Asked 2/23/2010
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Do I have to pay inheritance tax on $14,00 Do I have to pay inheritance tax on $14,00 |
Answer 1/2 - Submitted 5/25/2010
On a federal level no since the death tax does not kick in until you receive $3.5 million if the person died this year. It is possible that you owe it on a state level although 14,000 is so small that I doubt it. Just take $150 out of your inheritance and talk to a tax pro in the state you live in.
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