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Tax stuff
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<blockquote data-quote="busywend" data-source="post: 362084" data-attributes="member: 391"><p>Now why did you not call your tax friend??? </p><p> </p><p>Inheritances are NOT taxable (unless they are very, very large like over $3.5million - you do not even have to mention it on your federal taxes unless it is higher than that. NY higher than $1m). </p><p>A good rule of thumb is this: if the deceased would have been taxed upon receiving it (retirement accounts), then you might be taxed. Life insurance would for sure not be taxed.</p></blockquote><p></p>
[QUOTE="busywend, post: 362084, member: 391"] Now why did you not call your tax friend??? Inheritances are NOT taxable (unless they are very, very large like over $3.5million - you do not even have to mention it on your federal taxes unless it is higher than that. NY higher than $1m). A good rule of thumb is this: if the deceased would have been taxed upon receiving it (retirement accounts), then you might be taxed. Life insurance would for sure not be taxed. [/QUOTE]
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