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

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.

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!

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.

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.

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.

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.

Sorry, thats 500k

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.

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.

I tend to agree with Rainmom, I think you may have a complex problem and should get the advice of an accountant or attorney.

See an accountant and find out about the tax laws in your state. Inheritance tax and for that matter gift tax are two subjects that are vastly misunderstood. Only a handful of states tax the recipient of an inheritance. Typically, the estate pays any taxes that are due and that is on a total estate value over one million dollars - it may even be higher at this time as its been a few years since I've looked into it. Of course if you live outside the U.S. the laws may be very different.