What happens to your taxes when you inherit money
The IRS imposes a tax on estates that exceed the estate tax exemption, but because of the size of the exemption — $11.2 million per person as of 2018 — few estates have to pay it. Unless you or the decedent live in one of the few states that impose an inheritance tax, you won’t pay any taxes on the money that passes to you, including assets such as houses, investments and life insurance proceeds.
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2 thoughts on “9 Events When Your Taxes Drastically Change”
Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.