2007-03-28 07:18:53 · 3 answers · asked by mags0501 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Per IRS Publication 525, inheritance income is never taxable upon receipt. However any future income that the inheritance generates (such as putting it into investments that generate dividends, etc) is subject to normal taxation rules.
2007-03-28 08:23:06 · answer #1 · answered by Anonymous · 1⤊ 0⤋
if you inherit a retirement account such as a 401K or IRA account that was funded with pre-tax dollars, tax will be due on that. You would get a 1099 for any retirement account money.
Other forms of inheritance are not taxable.
2007-03-29 10:42:18 · answer #2 · answered by Jo Blo 6 · 0⤊ 0⤋
No tax on inheritance unless it was a lot of money -- look it up on the irs web site. irs.gov
2007-03-28 07:24:01 · answer #3 · answered by Othniel 6 · 0⤊ 1⤋