Do you have to file taxes on an inheritance?

Taxes are pretty strict. You must pay taxes on your income, your property, your estate, your goods and services you pay for every day, hotel taxes, and sin taxes. All depend on the income you make and the value of everything else you have. With that said, when it comes to an inheritance of any kind, you must pay an inheritance tax. Although this tax is only acknowledged in six states. In these states, the inheritance is seen as a source of income and/or addition to property value, thus the beneficiary of the exchange is taxed for the amount inherited. The amount taxed must then be filed and payed on your tax return. Sometimes the tax rates for inheritance tax can be exceptionally high, so the amount taxed and sent to the IRS can be a big number.

Find Accountants in Detroit

Porter & Assocs Tax & Acctg Svcs Ll
5203 Chrysler Dr
Detroit, MI 48202
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2719 Caniff Ave Stuie 1-F
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43377 Heydenreich Rd
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2300 S Schaefer Hwy
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Taylor, MI 48180