Q & A: I will be receiving money from my parent estate. Do I have to ...

Question by followtheson : I will be receiving money from my parent estate. Do I have to claim income tax at that time?
My understanding is that my mothers estate will be taxed at 4.5% before all monies will be distributed amongst the siblings. My question is, do we have to each claim that is what we get from the estate as income on our taxes next year? Best answer:
Answer by

suellenh
Depends on where you live ? In the U.S. there?s a $ amount that will be taxed (federal) but I?d think this would show up on the individual tax return ? I could be totally wrong.

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Source: http://www.lovefinanceinfo.com/2012/02/q-a-i-will-be-receiving-money-from-my-parent-estate-do-i-have-to-claim-income-tax-at-that-time/?utm_source=rss&utm_medium=rss&utm_campaign=q-a-i-will-be-receiving-money-from-my-parent-estate-do-i-have-to-claim-income-tax-at-that-time

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