Asked 2/9/2012
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Do i have to pay state inheritance tax on a gift i have not received yet My dad inherited a 10000 dollar cd from a friend that he has not gotten from the bank yet and now has a bill from state of pa to pay taxes on it. does he have to pay the taxes on it even though he can not get his money |
Answer 1/2 - Submitted 2/9/2012
Hi, Pitotan, and welcome to WebAnswers.
During the probate of the estate from which your father received the $10,000 CD, the executor had to file an inheritance tax return to the Commonwealth of Pennsylvania, which included your dad's CD and to whom it was bequeathed. So, yes, he will have to pay an inheritance tax based upon that return, as he will get it soon enough.
Thank you for your question.
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