I will soon recieve an inheritance from family death in Illinois. I live in South Carolina. These are from stocks, insurance and bank accounts. Will I have to pay taxes? I was told I will. I thought you don't have to pay inheritance tax for at least over 12 million. This is easily under that. What do I need to know before filing taxes next year. Thank you.
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Hi! Robert194,
You are correct in that there is an exemption from taxable income so that you won't pay federal inheritance tax on an estate valued at less than $12.92 Million, in 2023. You said that you will be inheriting an estate that includes stocks, insurance, and bank accounts and each of these could result in various tax consequences.
Also, Illinois has an inheritance tax independent of any federal inheritance tax that may impact you. You may find you owe some taxes to South Carolina on your earnings, similarly to what you owe for federal taxes.
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