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 Boston

Quality Tax Service
189 Sinclair Rd
BROCKTON, MA 02302
Richard H Peirce CPA
263 Wood St
LEXINGTON, MA 02421
Genese Tax Services
3 Santoro Rd
WORCESTER, MA 01606
Express Refunds Tax Services
401 Main Street
fitchburg, MA 01420
Gerald J Flannelly
100 Trowbridge Street
CAMBRIDGE, MA 02138
Joseph P Hazelwood, CPA
19 Water St
LEOMINSTER, MA 01453