Does the state of CA charge an inheritance tax if it is only money and not real property involved?
The amount will be around $100,000 from father to only living child. The money is in a savings account, not stocks, bonds, etc.
Public Comments
- laws vary from state to state--the type of property is immaterial- its the total amt of the estate less deductions that constitutes the net taxable estate--check with the state dept of revenue or taxes or with a local CPA-they could advise you best- a local CPA would be your best bet-i am a retired CPA & CFP--good luck to you..........
- No, and the form (cash or real property) doesn't matter, except that if it's under $100,000, and there's no real property involved, then it's much easier, you can avoid probate. If you need to collect $ from banks etc., there is an affidiavit you can fill out. See below. In my case, most places knew about the form and didn't hassle me too much. A couple of brokerages tried to insist on a document from the court. If you read the probate code, you'll see that they can't do that.
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