2007-03-31 05:55:37 · 4 answers · asked by Dr Guy D 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Hello, Dr Guy! Per IRS Publication 525, gift and inheritance income is never taxable upon receipt. However any future income that the inheritance generates (such as putting it into investments that generate dividends, sale of property, etc) is subject to normal taxation rules.
2007-04-01 09:10:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Nope, not on gifts or inheritance. If the estate had income after the person died, you'd pay income taxes on your share of that. Or if you inherited property, and sold that property, you'd pay on the gain.
2007-03-31 12:22:13 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
No. You do not pay income taxes on gifts or inheritance money. This is tax on the Gift or decease Estate Tax.
2007-03-31 08:05:55 · answer #3 · answered by c1523456 6 · 1⤊ 1⤋
what's the question?
2007-03-31 05:58:16 · answer #4 · answered by Always Right 7 · 0⤊ 2⤋