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Employee
June 1, 2019
Solved

Form 706 Tax rate on inherence of 20,000,000

  • June 1, 2019
  • 4 replies
  • 0 views
If donate 2,000,000 to Cancer Research
Best answer by SweetieJean

TT is an income tax software program, and does not support Form 706.

Please see a tax professional or estate attorney in your area.

4 replies

Employee
June 1, 2019
Form 706 does not tax an "inheritance", it taxes the "Estate".  In other words, it should be filed and the taxes paid before the beneficiary receives their "inheritance".  The receiver doesn't pay any Federal taxes on their inheritance (any taxes were already paid by the Estate), but some States do charge an Inheritance tax.

As SweetieJean mentioned, you should consult a tax professional and/or estate attorney.
Employee
June 1, 2019
I wonder if this is a homework question.
Employee
June 1, 2019

TT is an income tax software program, and does not support Form 706.

Please see a tax professional or estate attorney in your area.