How Do I Claim My Inheritance Without Paying Tax

Question

How Do I Claim My Inheritance Without Paying Tax

3 Answers

Answer Question

Answer 1

Not everyone needs to pay inheritance tax, it all depends your situation. If you are a wife or husband, the assest you inherit, you do not need to pay tax even its over 300,000 pounds. Or, if its the gift, you will also not need to pay, but the amount limit is 3000-5000 ppounds, for more details, pls see inheritance tax.

Answer 2

This depends on where you live. It is common practice for a proportion of the value of someone's estate (above a minimum threshold) to be paid to the Government. Sometimes this means that the family home has to be sold to pay these taxes, which is a great shame. There may also be State (or local) taxes as well as Federal (or central) taxes to pay.

Taxes are a way of life, and inheritance is generally viewed by politicians as a windfall income and should be taxed quite heavily. Don't try and avoid payment of the tax if it is owed.

Answer 3

I received $20,000 (twenty thousand) dollars left to me in my uncle's will.  I invested the money and had to
use it for personal means.  I earned 5,000 on the investment, taking out $25,000.  Now the IRS is saying
that I owe then $8,324 in taxes.

Question:  How did the IRS come up with this amount owed?