Any tax gurus in da house?

[Glock 'em down]

This week, my family's estate is FINALLY being finalized (it's been over 2 years since my folks died) and I will receive an inheritance in the tune of $45-$50K (+/-).

My question is...I'm sure I'll have to pay some sort of taxes on this chunck of change. Has anybody here been thru this? Does anyone here do taxes and know how this process works? I just wanna know how much I stand to lose, so I can make my wish list!

I'm reminded of this scene in The Shawshank Redemption. Is this really a true thing or just dreamed up Hollywood bull$heet.



Anways...I appreciate any info about this matter.

And keep the heckling to a minimum. We all know ol' GED has a catch and release issue, that's no front page news. Bastardos!

 

[rc508pir]

Im going through it also.

The inheritance tax is paid out of the estate by the executor, administrator, or trustee.
OK has no inheritance tax

Estate/inheritance tax is paid only if the estate tops $11.5 mill

Thats my understanding anyway

 

[Fyrtwuck]

Im going through it also.

The inheritance tax is paid out of the estate by the executor, administrator, or trustee. The inheritance tax is no longer imposed after December 31, 2015.

Reference: www.tn.gov/revenue/taxes/inheritance-tax.html

Isn’t that website for the state of Tennessee? How would it apply to Oklahoma?

 

[Glock 'em down]

Isn’t that website for the state of Tennessee? How would it apply to Oklahoma?

I was just about to ask that myself.

 

[xring33]

I went thru this a few years ago. Unless it is an extreme amount you don’t have to pay taxes on the inheritance. In my case my evil stepmother and stepbrothers stole about $400,000 from me and my brother. But, that’s another story.


Sent from my iPad using Tapatalk

 

[rc508pir]

Isn’t that website for the state of Tennessee? How would it apply to Oklahoma?

Fixed it

 

[O4L]

Sorry I can't help you. This is most likely something I will never have to worry about.

 

[Legend]

When my dad passed the gold digger married him about a month before and got it all.
My mom left everything to her grandkids.
So I’ve never experienced this problem.
I wish you luck.

 

[D. Hargrove]

@THAT Gurl

 

[ignerntbend]

Oklahoma has no inheritance tax. The Federal Government has an estate tax but it doesn't kick in unless your talking about $5million. You hear this stuff about the "Death Tax." That's just politics. It doesn't apply to regular people.
I'm not a tax lawyer, but I know a guy who plays one on TV.
As always, I don't charge nothing for my advice, and it's worth it too