Lets say that someone's getting an inheritance in Nov. Small 6 figures...

[maveric]

what kind of taxes would this person, who made $25,000.00 this year, have to pay out?

[Floogeldy]

1. It depends on your state's inheritance tax laws.

You definitely would not owe any Federal tax.

You can probably telephone your state's tax department (in my state it is called the "Tax Commission") and get a good idea from them.

[maveric]

2. The estate is in NH and I live in CA.

Would that have an effect on my taxation?

[MadHound]

3. One thing, you might want to consider putting it in a trust fund

Trust funds pay less in the way of taxes, and can still pay out dividends out to you on a yearly basis(as the trust administrator)

Also look carefully at what markets you invest this money in. Some, such as municipal funds give you a break on taxes.

[SoCalDem]

4. When I got an inheritance.I only had to pay taxes on the interest

it generated since I did not claim it for over a year (don't ask)

The lawyer sent a tax form for me to file ..it was a K something..

Remember , republicans don;t think you should have to pay ANYTHING.. Just go with their thinking, and keep it all.. If anyone qustions you later, juts pay it then and say DEATHTAX???? :evilgrin: