If I Inherit Money, Do I Have to Pay Tax on the Money?


Video Summary


Hi!  I’m Chip Waller. The question is, do I have to pay inheritance tax on any money that I receive from an estate?


The answer is no. Estate taxes are paid by the estate, so you may be paying them indirectly because it may reduce the amount of the monies that you received as a result of paying an estate tax.


I am not aware, although cannot say conclusively, as to having no inheritance tax in any state. But in Florida there is no inheritance tax and, also, there are no estate taxes. So as far as I know that, well, in fact, there are no inheritance taxes if you live here in Florida that you have to pay.


So if you have any more questions about taxes and estates, well, give me a call at 727-847-2288.


Thank you!