I live in the State of California and have an inheritance due of approximately $500,000...I believe there is no inheritance tax due on that amount, but are there State and Federal Taxes due? If so, approximately how much?
Answer
The state inheritance tax and the federal estate tax depends on the state where the decedent died and the size of the decedent's total estate. The decedent's estate is to pay any taxes owed.
You will be responsible for the tax earned on what you receive.
California has no inheritance tax.
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