[BuddyQ]

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This obviously is not my normal account and I'm not a very well known poster but some friends and acquaintances know my account and that I post here so I want to keep this on the down low for now.

My wife and I will be inheriting about 1.4 million (pre tax) after her family sells some farm land.

Her family is working with a very well known tax attorney and CPA (as will we once we get the money) but I was curious to see if anyone know the tax consequences for us? I have heard up to 50% tax, but that seems awfully high.

I am not supposed to know about this (yet) so I am posting my question here hoping to get some insight before my inlaws make the "offical" announcement.

I can provide more details on the land split, sale etc... if needed.

Edit: I guess it's more of gifting (not inheriting) since no one has died. The thought process behind selling the land now is 1)hypothetically if my grandmother inlaw lives another 15 yrs (hopefully very possible)we potentially would have a much larger sum than had we waited to sell the land. 2) My grandmother in law would like to see us spend (and enjoy) and little bit of the money while she is still alive.

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I'm no CPA, but I was under the impression that the gift or inheritance is not income to the recipient and therefore tax free, but the 'giver' will pay a gift or estate tax, which have indivdual exemptions of 2 million, above that yes, its pretty harsh, like 50%. Wait until 2010, then the gift estate tax goes to zero.