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 Phoenix

Buckeye 169
5502 E Pima St 100
TUSCON, AZ 85712
Gamiz Tax Service
12229 W. Maricopa St
AVONDALE, AZ 85323
Jack Smith
2228 W Northern Ave B101
PHOENIX, AZ 85021
Rbs Tax Prep
7702 E Doubletree Ranch Rd
SCOTTSDALE, AZ 85258
Cargill-Andres Cpas Pllc
1458 W Gurley St
PRESCOTT, AZ 86305