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do we have to pay taxes if we have spent money that we received in inheritance of our parents

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  

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  1. Generic Image SIZZELN says

    Check inheritance tax

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  2. Elizabeth Jetton Elizabeth Jetton says

    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.

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  3. Lynnette Lynnette says

    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.

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