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Asked 4/9/2010

Inheritance taxes in Wisconsin

Hi, my mom left a will stating my stepdad get 1/2 of proceeds from sale of home and myself and 2 sibs split the other half. The home is in Minnesota where she resided and I live in WI.
If the home sells for listing I should get about 33,000.00. I am on social security dissability. Based on this amount am I required to pay an inheritance tax to WI and to irs and do I need to report this to social security? No need for probate it has been there. just wondering about the tax part.

 
 
 
 
Answers

Answer 1/2 - Submitted 4/9/2010

No, there is no inheritance tax for you to pay in Wisconsin. Your mother's estate already has paid the tax or will pay the tax when the house gets sold.

If you get any kind of tax it will be in a form called Schedule K-1 from the estate. However, in your situation you will not get hit with inheritance tax.

 
 

Answer 2/2 - Submitted 4/12/2010

What about social security...does this need to be reported to them?

 
 
 
 
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