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The Water Cooler
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Any tax gurus in da house?
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<blockquote data-quote="nemesis" data-source="post: 3421096" data-attributes="member: 12082"><p>If the estate is in the form of property or investments paid for with post tax dollars, there is no tax. There is no tax on inheritance until the amount exceeds $11,580,000. That's for 2020. It will likely change for 2021.</p><p></p><p>If, however, you were to receive your father's investment account that was paid for with pre tax dollars, such as, a 401K where the employer contributed to the account, then when you withdraw the funds, you'll pay a tax.</p></blockquote><p></p>
[QUOTE="nemesis, post: 3421096, member: 12082"] If the estate is in the form of property or investments paid for with post tax dollars, there is no tax. There is no tax on inheritance until the amount exceeds $11,580,000. That's for 2020. It will likely change for 2021. If, however, you were to receive your father's investment account that was paid for with pre tax dollars, such as, a 401K where the employer contributed to the account, then when you withdraw the funds, you'll pay a tax. [/QUOTE]
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