i inherited a sum of money from my grandmother,,, it was in a family trust account,,?

Question

do i have to pay taxes on this amount? it was split between 5 of us

Answer 1

On the federal level, you don't pay income tax on an inheritance. If the estate was large enough ($2 million or over) the estate will have paid federal estate taxes.

Depending on where you live, it's possible that you'll owe some state inheritance tax.

Answer 2

Yes, there is an inheritance tax due on that money.