Inherited money?

[betty_lou]

I am about to inhert some money from a relative and I was wondering if anyone could help me out with regards to taxes?

Do I have to pay taxes on this money and if so how much?

[TNShannon]

You might have to pay taxes. The amount you pay depends upon how much money it is, how it is gifted, where you live, and all sorts of other factors. Before you accept the money, you need to talk to a tax advisor. There are options that can keep you from paying any sort of inheritance tax, but you have to make those decisions upon receipt of the money, not after you've had it for a while. So it's VERY important to talk to a tax professional now, before the money hits your bank account!