As of 2012, an inheritance is not considered income unless the amount received is greater than $5 million. The IRS states that inheritances do not have to be claimed as income, and there is no estate tax for the recipient. The estate of the deceased may be subject to both the estate tax and federal income taxes, depending on the value of the estate and the income claimed.Know More
The recipient of an estate inheritance of less than $5,120,000 is not liable for income, estate or gift taxes. Conversely, as of 2012, the living giver of a monetary gift of over $13,000 is responsible for paying gift taxes.
Legislature amends the value of gift and estate tax exclusions each year; it is advisable to contact the IRS directly when in receipt of large amounts of money.Learn more about Income Tax
In 2013, the inheritance tax was increased from 35 to 40 percent by the American Taxpayer Relief Act of 2012, states Money-Zine. This amount is affected by inflation and rises accordingly, explains Money-Zine.Full Answer >
While there are no limits that prevent the IRS from taking a whole paycheck, exemptions can be filed to protect a small portion of a person's pay. The IRS publishes a table of exemptions, which is calculated using tax and W4 exemption status.Full Answer >
In 2014, the first date the IRS began processing and issuing refund checks was January 31st. Most refunds are issued within 21 calendar days from the date that the IRS acknowledges acceptance of the tax return.Full Answer >
Vehicles that are used for business purposes can qualify for the deduction under IRS Section 179. While there are no specific requirements as far as the make and model of the vehicle there are requirements for what the vehicle can be used for, and how much it is used.Full Answer >