If I would receive $10,000,000.00(cash) in a will, what would my taxes be.?
Answer:
Your tax would be zero! The estate from which you received the $10,000,000 would be subject to an estate tax. After the estate pays the tax, you received your inheritance tax free.
Assume the estate has $20,000,000. After the estate tax, the estate still has enough to pay your $10,000,000 inheritance.
However, assume the estate only has $10,000,000. The estate tax equals $3,680,000 (46% of everything over $2,000,000) and you are left with $6,320,000.
Your federal tax would be around 40-50% and you would have state/local tax on top of that. You'd probably end up with half after taxes.
Cash!
Taxes would be Zero for you.
Any taxes would be paid by the Estate before you would receive your distribution from this Estate.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: