Legal Question in Wills and Trusts in Virginia
inheritance taxes
I expect to receive around $12,000 from an inheritance. I have an annual income from social security of $12,000. I am a widow and have no other assets except my home and car. Do I need to report this income to the internal revenue or will it be considered a gift? Thank you.
Asked on 10/18/06, 1:01 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: inheritance taxes
Rest easy, friend. No federal taxes will be due
on the kind of inheritance which you've referenced.
Answered on 10/18/06, 1:12 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
