It’s true, most money received from an inheritance is tax-free. However, if you receive an IRA as part of your inheritance, odds are you’ll be taxed on any distributions.
If you receive property, you should know that there is a “step-up” to your “cost-basis” to the value at the time of the decedent’s death. So, if the property you inherited gains in value after that, those gains will generally be taxable.
Legal Guidance Now is for general educational purposes only and is not intended to provide legal advice on any subject matter whatsoever. Your use of the content provided by this website is at your own risk. Due to frequent changes in the law, some information on this website may not reflect the current state of the law. We are not responsible for any errors or omissions in the content of this website or for damages that arise from your use of the content under any circumstances.
No reader of Legal Guidance Now should act on the basis of any content included in this website without seeking appropriate legal advice (in consideration of the particular facts and circumstances at issue) from an attorney who is licensed to practice law in the reader’s state.
