Estate tax applies to the estate, not to its beneficiaries. Worrying
about taxes and law is the executor's job.

Una

"Eric" <wolfsberg74[at]yahoo.com> wrote
- quote -


The Estate is under the laws of New Mexico.

You are under the laws of Arizona.

Inheritances are not taxable for federal purposes**. Check to see how your
state handles inheritnaces.

**There may be tax on IRD assets (IRA's, pensions, annuities, etc), as well
as tax on any income earned by the estate since the date of death (most
commonly interest on insurance payouts), but could also be interest on
savings, bonds, mutual funds, etc.

Talk to the executor of the estate to find out how much of what you receive
is subject to tax.



- quote -



As I said, most of what you will receive will be tax free.

For what might be subject to tax, ask the executor of the estate.




- quote -


Turbo tax is as smart as the person entering the data. Read up here:
http://www.irs.gov/faqs/faq4-7.html and
http://www.irs.gov/faqs/faq-kw91.html. If you still have questions or
problems, stop back and ask your questions - or consider taking your things
to a tax professional this year to be sure.






--
Paul A. Thomas, CPA
Athens, Georgia

Hi all,
Had a death in the family. I will be recieving a percentage of the
estate. The death was in New Mexico, but I currently have residence
in
Arizona. 3 other beneficiaries will be recieving a percentage, but
they all live in New Mexico. Will I be under New Mexico or Arizona
estate tax laws?

Where can I find out more info about these tax laws and estimate how
much in taxes I will owe?


I usually use turbotax - Is turbotax smart enough to deal with
inheritance?


Thanks,