I recently inherited money from a family member who lives in new york. I had been living in Rhode Island which doesn't have an inheritance tax, but has some line after it that says, "the state does impose a tax on the transfer of the net value of the assets"

What does this mean? am i responsible for taxes on this money??

What, specifically, "has some line after it"? What document are you reading?

The bankrate summary is worthless, imho.

However, you are looking at the wrong state. The RI rules apply to someone who died in RI or had property in RI, not you. RI gets their money by saying, fine, here's the house, but you owe $x on the property (value - mortgage).

New York still has an estate tax. That means the estate pays the tax.

The only tax you'd have would be if the assets generated income after the person died.

You should probably be asking a CPA in RI this question. Don't base your tax liability on advice from Yahoos on Yahoo!