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Asked by: samserio 470 views YA Discussion
I just inherited 25k CD and 20k cash.
A Hunch on Jul 04, 2012 Reply
Inheritance tax is paid by the estate not the recipient. In 2012, there is a $ 5M exemption before the tax is applied. Any amount over $ 5M there is a 35% tax on.
Some states do tax the recipient, so check your state laws. you can just google -”inheritance tax – (enter state)”
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tro on Jul 04, 2012 Reply
nothing to you
Max Hoopla on Jul 04, 2012 Reply
Nothing. There is no federal inheritance tax.
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