Stearns County, Minnesota | MaineFarmer - 5/5/2024 14:49 I know a person quite well.He has not files any tax return in over 20 years.Gets paid cash jobs and lived on his moms land in a camper,he is now living with her and off her income.She is pushing 90,he is over 60.So when/if she passes away before a nursing home and he receives an inheritance of land worth 400K$ and stocks 200K$ will the IRS find him and lock it all up?Im sure his SS# will be on the documents sent to the state and any land acquired will become on local tax rolls with a value attached.What type of inheritance tax happens as well.One would assume never filing for decades would pop a red flag,I just would like to know what others have seen. I have been told that on the Federal Tax laws, failure to file is a misdemeanor, and tax evasion is a felony. Tax evasion is when you file and fail to put the right information on the form, to evade paying taxes. Inheritance tax has an exemption right at $3million dollars for the people inheriting the money, since his mother is a single person and not married. |
Interesting Tax Question,,
