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| *Loan,banking and credit>>>inheritance tax |
If someone receives approx. $150,000 in inheritance in Mass are they subject to state/federal taxes- how much? |
If someone receives approx. $150,000 in inheritance in Mass are they subject to state/federal taxes- how much? Not 100% sure about the Commonwealth of Massachusetts, but there's no Federal tax on an inheritance of $150,000.00. They've changed the rules lately. The Federal ceiling was set at $600,000.00, but it has been going up and there won't be any limit at all in 2012. I would imagine that Massachusetts wouldn't tax that amount either, but you should check. Source(s): 13+ years experience as a paralegal specialist I don't know, but I can tell you how to find out. Look in your local yellow pages under "attorneys". Make a list of every attorney who advertises "family law" or inheritance issues, particularly those who offer a "free consultation". I got a terrific education by doing this. I ended up with well over a dozen attorneys' names and, simply by putting in the time to call & meet with several of them (for FREE), I learned all I needed to know about a complex estate that was in trust. I even found out, through their help, that the largest part of the estate had accidentally NOT been included in the trust and how to correct it! I never had to pay a cent! Good luck in your research! suzannesmith.wordpress.com There will be no federal estate tax payable by you. For your state simply call the local "inheritance" tax collector and ask him/her. They will tell you and they won't lie. I promise. |
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