DomKen
Posts: 19457
Joined: 7/4/2004 From: Chicago, IL Status: offline
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quote:
ORIGINAL: searching4mysir quote:
ORIGINAL: DomKen quote:
ORIGINAL: searching4mysir I don't think my niece and nephew should have to pay estate taxes for inheriting a portion of my mother's estate when she passes. She's already paid taxes on her home, it shouldn't be taxed yet again for her to give a portion of it to someone after death. They won't unless your mother is very wealthy. At present the first $5.25 million is tax exempt. Not necessarily true. My sister and I wouldn't pay, but they would. My great-aunt passed away a few years ago with no children. We had to pay taxes on the inheritance. You might have paid state estate tax but the federal estate tax has a high exemption no matter who inherits. I, and my entire family, inherited a sizeable sum from a great uncle back in the late 90's and paid not a penny in taxes. New Jersey has both a state estate tax and an inheritance tax so that is more than likely what got you.
< Message edited by DomKen -- 6/27/2013 3:03:38 PM >
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