eHow launches Android app: Get the best of eHow on the go.
How Does a Bank CD Work?
About World Financial Bank Accounts
About GMAC Mortgages
About Wealth Management Financial Planners
About States That Don't Tax Pensions
About Cash Flow Statements
How Do Oil Futures Work?
Choosing Stockbrokers in Spain
Choosing Stockbrokers in the U.K.
About Credit Card Balance Transfers
About Frozen Checking Accounts
About Credit Card Rates
About Credit Cards for People With Bad Credit
About Credit Card Finance Charges
American General Financial Account Information
Gold Price History
How Does a Settlement Reflect on Your Credit?
High-Yield Savings Account Comparison
How Does a Health Savings Account Work?
How Do Cyclical and Non-Cyclical Stocks Differ?
Hedge Fund Regulations
Do You Have to Pay Income Tax on Gifts?
How Does a Bank Work?
Define Real Estate Broker
About Long-Term Pension Liabilities
Do You Pay Income Tax on an Inheritance?
Definition of a Fixed Annuity
How Can I Consolidate My Debts?
For some, the thought of visiting a tax attorney is about as pleasant as seeing a dentist. But, in reality… More
Tax attorneys are those attornys whose expertise in the tax code makes them a valuable asset to individual… More
This article provides a brief outline of some common IRS penalties assessed against individuals who file t… More
Family trusts are established to aggregate assets, protect them from creditors and reduce tax exposure dur… More
Tax law refers to the rules constituting the law applicable to taxation. In the United States, these rules… More
The federal gift tax applies to transfers of property where the giver/donor receives nothing in return. Se… More
Called by some as the "death tax," the estate tax is one of the most controversial single aspects of the U… More
The income tax on an inheritance is generally paid for by the person giving away the inheritance, and the … More
When the IRS places a levy on you, it is basically a garnishment. They have the right then to garnish your… More
You may represent yourself or have someone else represent you. Learn what to do if the IRS audits your tax… More
If you are being audited by the IRS, there is a way out! Learn how to appeal an audit in this free video c… More
If you are delinquent on credit card payments, child support, alimony, student loans, income taxes or fine… More
Tax lawyers work with the Internal Revenue Service (IRS), private businesses, non-profit organizations and… More
The easiest way to report tax evasion is to go to www.irs.gov and do a search for tax evasion or call the … More
Tax enforcement represents a significant problem for the IRS because they do not have the resources or the… More
Summary: The income tax on an inheritance is generally paid for by the person giving away the inheritance, and the IRS Web site offers information on taxable inheritance. Expect tax to be taken out of inheritance money with information from a portfolio manager in this free video on finance.
Roger Groh is the founder of Groh Asset Management. He manages portfolios for many types of customers, including customers seeking growth, income, stability or international customers.read more
How to Shave Armpits
How to Shave the Back & Shoulders
How to Shave the Chest
How to Shave the Groin Area
How to Shave Your Head
How to Prepare the Face for Shaving
How to Shave Your Face
How to Shave Tricky Areas on the Face
How to Shave a Chinstrap
How to Shave a Goatee
How to Maintain Sideburns
How to Shave a Soul Patch
How to Trim & Shape Facial Hair
How to Maintain a Razor
"Are you about to receive and inheritance and starting to wonder if you have any income tax liability as a result of that? Hi this is Roger Groh with Groh Asset Management. Generally in an inheritance, the person giving you the money is liable for the tax therefore when you receive a gift you say thank you very much and you go off and spend it or use it. On the other hand, if you receive a gift where the valuation is not real, meaning somebody is giving you something for a dollar that is obviously worth a million dollars, then the IRS is probably going to come back to you to look for the income tax that the person originally making the gift would have paid plus penalties I'm sure. Now last but not least, are the states going to want money? Heck yes because the vast majority of inheritance tax comes from the states. The states generally take the same view, as long as the value of the gift or inheritance was reasonable, they'll go along with it. However if it's been a sham transaction and the value has not been a properly assigned, then they're going to come back and look to you the person that now owns this gift or inheritance to pay the income tax. There's no escaping it, you're going to get nailed. Better to find out early exactly what you're liability is. If there's any question, go to the IRS website, go to your state government's website and also talk to your tax attorney and accountant. I hope that helps, be sure and do your homework on this, you want to know early if there is any liability. I'm Roger Groh at Groh Asset and thank you very much for spending time with me."
eHow Article: Do You Pay Income Tax on an Inheritance?
Copyright © 1999-2009 eHow, Inc. Use of this web site constitutes acceptance of the eHow Terms of Use and Privacy Policy. en-US Portions of this page are modifications based on work created and shared by Google and used according to terms described in the Creative Commons 3.0 Attribution License.
