Received inheritance from grandmother's estate in MI, I live in IA (which taxes inheritance). Amount was ~ $7000. I didn't receive tax papers. Do I need to pay taxes?

psylocke — Thu, 06 Jun 2019 09:42:49 GMT

Received inheritance from grandmother's estate in Michigan, I live in Iowa (which taxes inheritance). Amount was about $7000. I did not receive tax papers. Do I need to pay taxes on it?

According to the IRS inheritances are not taxable.(https:...

Jimesa — Thu, 06 Jun 2019 09:42:51 GMT

According to the IRS inheritances are not taxable.

(https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-are-Inheritance-Taxes-/INF14800.html)

States with an inheritance tax

The federal government does not have an inheritance tax. The six states that impose an inheritance tax include Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania. Of course, state laws are subject to change, so if you are receiving an inheritance, check with your state's tax agency. The tax rates on inheritances can be as low as 1 percent or as high as 20 percent of the value of property and cash you inherit.

****I would recommend that you contact the Iowa department of Revenue for complete information on which forms you may need to complete. You may not have to pay any taxes on it according to the current Iowa tax rates below

Calls regarding proper filing of the IA 706 may be directed to Taxpayer Services at: 515-281-3114 or 800-367-3388

Pursuant to Iowa Code chapter 450 the tax rates are as follows:

-If the net estate of the decedent, found on line 5 of IA 706, is less than $25,000, the tax is zero.

Even if no tax is due, a return may still be required to be filed. See IA 706 instructions.

-For deaths on or after January 1, 1988, the surviving spouse’s share is not subject to tax.

-For deaths on or after July 1, 1997, no tax is due on the following shares: Parents,

grandparents, great-grandparents, children, stepchildren, grandchildren, great-grandchildren,

and other lineal ascendants and lineal descendants.

-Effective July 1, 2003, a stepchild is the child of a person who was married to the decedent at

the time of the decedent’s death, or the child of a person to whom the decedent was married,

which person died during the marriage to the decedent, as defined in Iowa Code section

450.1(1)(e).

https://tax.iowa.gov/sites/files/idr/forms1/Rate%20Sch%20%2860061%29_1.pdf

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Received inheritance from grandmother's estate in MI, I live in IA (which taxes inheritance). Amount was ~ $7000. I didn't receive tax papers. Do I need to pay taxes?

According to the IRS inheritances are not taxable.(https:...