AboutAlexander J. Hay Expertise I can answer questions on trusts, wills, and specifically the use of Offshore Trusts and Companies in combination with Domestic entities to help with estate planning, tax minimization and asset protection.
Experience I am a U.S. attorney with offices in the United States and Belize. I have experience helping to protect assets, reduce taxes, and improve investment performance by utilizing global investment techniques.
Education/Credentials Harvard University, A.B. degree; University of Houston Law Center, J.D. Degree; Fulbright Scholar
Thank you in advance for your assistance. I am about to inherit $203,000. I am tring to figure out if I need to claim this amount as additional income on my 2008 filing. If this is the case, I would only walk away with about half ($39,000 plus 33%). Could you please verify if this is correct? Oh, I live in Georgia (money inherited from Utah)
thanks for all your help
Jason
Answer Gifts and inheritance are not taxable income. The giver may owe taxes but not the receiver.
Now if the gift taxes were not exempt or paid by the giver, there is a possibility that the receiver could owe the gift taxes, this is rather complicated and unlikely since it seems this is coming from an estate being administered.
