If I fill out a small estate affidavit for an unclaimed estate less than $5,000, will I be taxed by the government?
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If I fill out a small estate affidavit for an unclaimed estate less than $5,000, will I be taxed by the government?
I am entitled to just that since no Will was left upon his sudden death. The “estate” only consists of a car and a small bank account with only $2,000 in it (half of which will be going back to Social Security).
Asked on April 21, 2014 under Estate Planning, Virginia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Under the laws of all states in this country as well as Federal tax law, you as a beneficiary of the estate that you have written about will not be taxed for the $5,000 or so. The $5,000 or so is a gift and is not taxable as income.
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