My name was on my parents account for my Father. He passed away, can I pay inheritance tax from this joint account?

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My Mother is on Medicaid, living in a nursing home when my Father died and we paid all but 7000 dollars from this joint account to the commonwealth.

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BibiSheri: See what the Pennsylvania tax implications are by seeing a good CPA, aka Certified Public Accountant. It's going to be too complex for your to handle on your own. Was your Loved One's estate put into a trust? It may involve a Schedule K-1 document.
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Freqflyer- after I posted I talked to my attorney regarding probating my mothers will. Yes, you are absolutely correct in the inheritance tax now being well over a million dollars and the same is true for gift tax!
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See an elder planning lawyer at once, if there is that much money in the account, it may mean your mom no longer qualifies for Medicaid until all but $2,000 in assets are spent down.
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Just thought. You may have to pay capital gains if selling a house. Get together any work was done on the house to improve it. That can be deducted.
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Thinking about it, does it matter how they get paid as long as they get paid. May want a certified check guaranteeing the money is there.
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Here in the Commonwealth of Virginia, there is no Inheritance Tax.

There is a Federal Inheritance Tax for anything over $5.45M.

Your best bet is to contact a CPA regarding State and Federal Taxes.
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Sorry, thats 500k
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Did ur Mom inherit as his wife. May not have to pay inheritance tax. Agree about being a child who inherits. The estate has to be sizable to pay inheritance tax. Here in NJ has to be over 5K. Taxes aren't paid on insurance policies.
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If your a son or daughter Inheritance tax is forgiven in most states but I would go let an attorney do the paperwork for you,its like 150.00 to do the paperwork.This saves alot of time at tax time.
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I tend to agree with Rainmom, I think you may have a complex problem and should get the advice of an accountant or attorney.
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