I am not a tax guy so here goes, If I inherit less than 50 grand and I make less than 100k do I have to declare it? I want to hide it from the SO.

just spend it all on those extremely hot Minnesota girls..i will gladly help you disperse all your funds as an advisor..

Why would you ask for advice like this on a fuck board?  Ask your accountant.  Hint: you do need to declare it but you don't need to pay taxes on it.  But why would you listen to me?

Inherited money is NOT taxable to the beneficiary of the estate.

Nor is it reportable from you.  It may be noted when the proceeds are disbursed...but it isn't an IRS reportable transaction for you.

Hiding it from the SO is a different issue.

What the OP is actually saying;
I want to get a reaction from women as I am lonely. I will try to cleverly disguise my approach by saying that I am inheriting oh lets say $50,000. The women will be all over me. I'm so smart, LOL

Did you work on the Enron account?

No clue where you got your assumption from...but you are not even close to being right.

If we were playing TER hooker jeopardy...you'd be full of clothespins awfully fast!

-- Modified on 1/28/2013 9:55:01 PM

If it was I'd defer that to my quant pal Ridge.

But this is a good question to use on Final Hooker Jeopardy!

Man just report it (not sure about taxes that's not my thing but I know about the IRS!!!).  

Fucking with the IRS is a joke to some but when they show up they have unlimited powers to do just about anything.  Believe me whatever $$$ you save WILL NOT be worth it if they start poking around.

Worst case scenario they can send a notice to your employer and literally have $$$ taken right out of your paycheck.  Just follow the rules whatever they are.

Consult a good CPA (i.e, good = references and clients who vouch for them).

As far as your SO (not sure if that means wife) but it's one thing to spend $$$ on the hobby.  It's something else to hide an inheritance.  

Not my bag man.  Not my bag.

Milk "does a body good", but its fucking hell on small, hand held devices!

In hindsight, probably not the best place to ask this question. I panicked since we file jointly. I'll figure something out. For the serious replies, thanks. For the others, I had a good laugh, thanks.

CPA is correct on here.
has been for many years now....called Bush tax cuts....
There is a change coming this year but not sure which...... hiding it from SO is another problem either way your gonna get F***** cause she'll find it sooner or later.

Don't let these guys bother you,  Molly,  I  just wish you were within 100 miles.  I want to taste you and your milk..... And I'm thirsty.

You do not need to report anything to the IRS, but may to the state depending on where you live.

"The federal government does not have an inheritance tax. The eight states that impose an inheritance tax include Indiana, Iowa, Kentucky, Maryland, Nebraska, New Jersey, Pennsylvania and Tennessee. Of course, state laws are subject to change, so if you are receiving an inheritance, check with your state's tax agency. The tax rates on inheritances can be as low as 1 percent or as high as 20 percent of the value of property and cash you inherit."

To keep it from your spouse, put it in a non interest bearing account at a different bank and have the address at your place of work. Only use it for cash withdrawals. Do not create a paper trail.

There is an excellent chance that her lawyer will hire a forensic accountant who will turn over ever rock and shake every tree to find any assets you may have.  Finding estate bequeaths is a piece of cake for them.  Failure to report said assets can really get a probate judge mad at you, and you don't want that.

I've been there and done that.

If you try to hide assets, you'll be found in contempt of court & the threat of arrest.  I made several mistakes in my divorce...  I left with all of HER bills & taxes current & not enough to rent a hotel room for the night.  
PM sent

-- Modified on 1/29/2013 10:07:24 AM

That makes a huge difference

I'd have to actually read what the comments were...but many (except for oldted...maybe he's a CPA as well  LOL) on this thread have NO clue as to what they are suggesting.  The OP asked if HE received an inheritance...is it taxable.  The answer is a resounding NO.

Taxes on inheritances are paid from the Estate.  The amounts that go the beneficiaries may have been taxed at the Estate level.  But considering that the Federal Estate tax exemption is in excess of $ 5M today....I highly doubt any of the Estate was subject to Federal or State (which in most states is piggybacked from the Federal calculation) Estate taxes.

I've read other literature written for hookers...and much of that is fodder as well.

Ask a Professional for serious advice.  Just remember that he/she probably charges a stiff (pun intended) hourly amount.  Maybe even more than most hookers...who knows  

-- Modified on 1/29/2013 9:52:12 AM

I was talking about hiding from the spouse, not the courts.