Inheritance tax question My mom in Massachusets died in November of 2006. The will left everything in an even split between my brother and myself and 2% to my daughter to be held until she reaches legal age .My sister -in-law is the executor and the real property( home and vacation property ) is yet to be disolved . During 2007 we recieved several checks for cd's and IRA's that were part of the estate . When filling our 2008 taxes these were taxed to the amount of around 10K . Should we have been exempetd from paying taxes on this as it was part of the estate ??? And if so is there a way to file an amended return to get these funds returned ?? I have been unemployed since Januaury and could really use the funds if they are something that should not have been taxed . I have been told that all inheritance up to a $1M dollar amount should not have to be claimed is this correct ? |