I am buying furniture, and making expenses, do I have to participate my savings and everything, I am living by my own, I mean do I have to pay taxes of my own money
| do we have to pay taxes if we have spent money that we received in inheritance of our parents |
February 23, 2010
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Check inheritance tax
Grace,
You don’t pay tax when you spend the money. If your parents had a large enough estate, then taxes are owed within 9 months of the money being distributed, but in most cases, the value of the estate would need to be in excess of $3.5million. Full disclosure: I am a blogger on this site and a certified financial planner professional. I recommend you have your own financial planner and tax accountant to help you with your questions and to make the best decisions.
I did not pay tax on my inheritance because of the quantity. You may have to find out based on the amount of money you received it you need to pay.
thank you Lynette and all VN friends