I have received money from my mothers estate. Half the money is in the estate and other in trust . Taxes?

Answer 1

unless the inheritance is in the form of an IRA, 401(k), 403(b), or other similar retirement plan, you owe no taxes in the US. Taxes, if any, on other estate assets were paid by the estate.

Can't say about other countries and it is likely the same [it is a lot easier for government to assess taxes at the level of the estate than it is to tax the individual heirs].

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As always, the exception is if you are the Executor and distribute the estate without paying any estate taxes that should have been levied (including state level estate taxes). An Executor who fails to remit and pay the taxes becomes personally liable for paying ALL of the taxes [and the IRS can still proceed against the heirs who wrongly received more than their due].


I am sorry for the loss of your mother.