2006-07-22 02:17:11 · 5 answers · asked by Eric Inri 6 in Business & Finance ➔ Taxes ➔ United States
No (outside of additional income it will generate). Inheritence and gift taxes are separate from income tax.
2006-07-22 02:23:40 · answer #1 · answered by Alexander Khan 2 · 0⤊ 0⤋
Inheritances are not taxable, you don't even have to report the money you got. However, there might be an estate tax or death tax, that they will take off the inheritance.
2006-07-22 15:10:00 · answer #2 · answered by Josh 4 · 0⤊ 0⤋
That depends on a) where you live b) what the tax laws are and c) what type of inheritance it is. Seek an *attorney* or *accountant* not people who have opinions on Yahoo Answers.
2006-07-22 09:29:59 · answer #3 · answered by ceprn 6 · 0⤊ 0⤋
Totally agree with CEPRN comment. Don't take yahoo answers for granted in that type of question. Consult an accountant. A small question like that, you will get the info for free.
2006-07-22 09:42:16 · answer #4 · answered by Rod b 3 · 0⤊ 0⤋
you dont pay tax on that money; but when you invest it you will have income that will be taxable. Dont worry, its always good to have more,
2006-07-22 09:20:10 · answer #5 · answered by Anonymous · 0⤊ 0⤋