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Home >> What Taxes do I Have to Pay if I receive an Inheritance in Florida?

What Taxes do I Have to Pay if I receive an Inheritance in Florida?

December 14, 2015 by Joshua K. Crawford Leave a Comment

What Taxes do I Have to Pay if I receive an Inheritance in Florida?It’s fairly common for people to come talk to us about concerns they have about possibly having to pay taxes if they receive an inheritance in Florida. Any time you receive money or property, considering the potential tax implications is always a wise thing to do. Even if you unwittingly make a mistake and forget to pay taxes, or don’t realize that taxes applied in your particular situation, you can set yourself up for some serious legal headaches down the road.

So when people receive an inheritance in Florida, they should always speak to a tax or estate planning professional as soon as possible. Until then, here are some general principles you should know about receiving inheritances in Florida.

You won’t have to pay estate taxes on an inheritance in Florida.

An estate tax is a kind of tax that applies to the property left behind by a deceased person. That property, known as the estate, can have to pay a portion of its value as a tax. However, most estates are not subject to an estate tax for variety of reasons.

First, very few states impose an estate tax. Only a handful of states currently have estate taxes on the books, and Florida is not one of them.

Second, the federal estate tax allows for significant exemptions that effectively mean that only the largest estates will have to pay an estate tax.

Third, you don’t have to pay the estate tax as someone who received an inheritance. Instead, it falls to the estate administrator to pay that tax before distributing the inheritances.

You don’t have to pay inheritance taxes on an inheritance in Florida.

An inheritance tax is a tax levied against the property someone receives as an inheritance.  A very small number of states have inheritance taxes, and again, Florida is not one of them.

However, it’s important to point out that with estate and inheritance taxes, these taxes could apply to the property you receive as an inheritance if that property is located in a state that imposes one of these taxes. Your attorney will explain which states have them, and how much of the tax burden they impose.

You don’t have to pay income taxes on an inheritance in Florida.

As a general rule, inheritances are not considered income, and will not expose you to additional state or federal income tax. However, there is a significant exception to this. If you receive a traditional IRA or 401(k) plan, the distributions you take out of those plans will be counted when you have to tabulate your federal or state income tax return. Again, you should speak to your attorney for more information if this situation applies to you.

Filed Under: Taxes

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
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We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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