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| *Loan,banking and credit>>>inheritance tax |
I got an inheritance of about 20,000 and the state took almost 40% of it how does this affect my taxes? |
will i owe any more? No. The state took their share out of the estate, not from you directly. The money that you did receive is free of tax to you. It sounds as if they already got their fair share and then some. It all depends on what bracket you fall into when you file. you might get some of those tax dollars back or you may owe a little bit more. suggest you consult a CPA to do your taxes this year. I was lucky, my parents set up their will so the taxes on my inheritance were already paid, I didn't have to pay a dime on that money. RN |
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