Do I pay estate tax on gold

by Rob Seltzer, CPA, PFS

I likely will inherit $2 million in gold. Will I have to pay inheritance tax in California?

Inheritance, or estate taxes, are paid by the estate. The beneficiary never has to pay the tax. The estate pays it directly. No mention was made of the total value of the estate. Assuming that the decedent died in 2014, the total net value of the estate would have to exceed $5,340,000 before any estate tax would be owed. If the estate’s total value was represented by the $2 million in gold, no estate tax would be due.

Rob Seltzer is principal of Robert Seltzer, CPA, PFS, in Beverly Hills. You can reach him at (310) 278-9944 (310) 278-9944.

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