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Inheritance Tax Hearing Notice

added by Amy 485 days ago under Nebraska Politics

There will be a hearing on LB 970 (Cornett), which would end the inheritance tax in Nebraska, on Thursday, January 26 in room 1524 at 1:30pm. Inheritance taxes drive retirees out of the state, and Nebraska's economy would benefit by reducing and eliminating them as much as possible. Please consider attending the hearing and registering your support for LB 970, or writing to the Revenue committee about this bill.





Tags: Cornett, tax relief

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Posted by Saripah on Apr 16th, 2012
If you are receiving cash that has aelrady been taxed, or proceeds from the sale of assets such as personal property or real estate that have not increased since the date you inherited it, or death benefits from life insurance, there is no federal tax due. In this case no tax return is required.If you are the beneficiary of an account that was tax-deferred, such as an IRA, then tax will be due and you will be required to file a tax return. You will receive a 1099R for this income.If you receive an income document such as a K-1 or 1099S, go to a tax place and have them take care of it. Chances are you will owe little or no tax from these income items.
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