If $18,000 is taken out for inheritance, what would be the amount before taxes ou taken out?
- SlickterpLv 71 month ago
You are not taxed on an inheritance you receive.
- danxp2Lv 61 month ago
Your question makes no sense. 18,000 net is taken out for inheritance, what would the gross pre-tax amount be?
In the USA the amount could very well be tax free. There are federal taxes on estates but they have multi million dollar thresholds before any of it was taxed. Also the person receiving the inheritance is not taxed, the assets are taxed before distribution is made to those who inherit. How much tax is paid for this 18,000 portion of a taxable estate is unable to be determined without knowing how large the total estate is.
Also 18,000 is taken out of what for an inheritance? A trust? A retirement account? A Roth retirement account? Some sort of private investment or banking account? There is not enough information given to answer your question, if it is from a textbook please ask your teacher what they are trying to get you to consider.
- A HunchLv 71 month ago
There is no federal inheritance tax. There is an estate tax (tax on the dead person's assets) but most don't actually owe taxes.
Without knowing what state you are in, there is no way to know.