ThrowawayWillRI OP t1_j488ez8 wrote on January 13, 2023 at 9:09 PM

Reply to comment by pewpewacct in Do I need to pay taxes when I receive a life insurance payout? by ThrowawayWillRI

I've never inherited money from anyone before. My grandfather passed away and his estate went to my 3 aunts and mother and they reportedly needed to pay taxes on the earnings in Vermont, New York, and Connecticut. I'm not too close with them either, but it's what I heard. So with my father passing, I just wanted to make sure I wouldn't need to pay taxes on my part. 15k is a lot to me in my life right now. 15m would be the dream, though. Barely known family member passes and leaves you 15m, is that not what people fall asleep dreaming about?

Proof-Variation7005 t1_j48r6t1 wrote on January 13, 2023 at 11:11 PM

When I was much younger, I inherited like $25,000 Canadian from an aunt I never really met before and they let me keep all $478.60 of the money it came out to in US dollars.