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Suppose you inherit $1,000,000 (1 million). How would the IRS tax your inheritance?

jimfl 2008/02/03 00:04:48
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Suppose you find out a long lost relative died and left you their entire estate, $1,000,000, locked in a bank safe deposit box. Just to keep this simple, consider only Federal income taxes (IRS) and ignore state and local taxes. In addition, assume there was no interest income to consider, since the money was kept in a safe deposit box.

I am hearing different opinions about this and would like to get an idea what the inheritance tax would be for this simple example.
What is owed to the IRS, if you were the beneficiary, in this example?
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  • Trinity 2008/02/03 00:08:25
  • jimfl Trinity 2008/02/24 22:13:41
    jimfl
    +1
    jkh,
    i created this question to see what people think about the inheritance tax (death tax) repeal being pushed by the president. i only got one comment from you. i guess i dont understand what i did wrong. did i put the question in the wrong place? answer if you care to..

    thanks... Jimfl
  • Trinity jimfl 2008/02/24 22:20:40

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