Do you have to file taxes on an inheritance?

Taxes are pretty strict. You must pay taxes on your income, your property, your estate, your goods and services you pay for every day, hotel taxes, and sin taxes. All depend on the income you make and the value of everything else you have. With that said, when it comes to an inheritance of any kind, you must pay an inheritance tax. Although this tax is only acknowledged in six states. In these states, the inheritance is seen as a source of income and/or addition to property value, thus the beneficiary of the exchange is taxed for the amount inherited. The amount taxed must then be filed and payed on your tax return. Sometimes the tax rates for inheritance tax can be exceptionally high, so the amount taxed and sent to the IRS can be a big number.

Find Accountants in Orange County

Peter H Vuong Accountancy Corp
1811 W Katella Ave 225
ANAHEIM, CA 92804
Jong Y Choi CPA
6301 Beach Blvd Ste 205
BUENA PARK, CA 90621
Jesus A Nunez
1002 E 17th St
SANTA ANA, CA 92701
Patrick J Kennedy
18 Sutherland Drive
LADERA RANCH, CA 92694
Dean Services
8545 Marion Ave
Westminster, CA 92683
Matthew J Torchia Cpa A Professiona
428 Acacia B
CORONA DEL MAR, CA 92625