Sarasota, FL asked in Tax Law for Florida

Q: I will be receiving approx 130k from sale of deceased aunt's house in New York. I was a beneficiary in her will.

I am a full time resident of Florida and retired. Do I pay Fed, taxes on this next year? If so approx how much? What is best way to handle this income when I receive it? Since Florida has no income tax, I assume no Fla taxes to be owed? Is it a good idea to have taxes taken out when I receive the money. Thank you

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1 Lawyer Answer
Terrence H Thorgaard
Terrence H Thorgaard
Answered
  • Tax Law Lawyer
  • Freeeport, FL
  • Licensed in Florida

A: Income tax and inheritance tax are entirely different. Inheritance taxes (a tax on the heirs) are not imposed by the federal government, although the State of New York imposes an estate tax (tax on the estate of the decedent, payable by the estate, not the heirs). Double-check with a tax professional to be sure.

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