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  • Oct 16, 2006, 04:20 PM
    mistertg
    Inheritance and taxes
    Here in California, a house left by our mother in a Trust, is to be sold and funds split between my siblings and myself, (approx. $60K each). What are my tax ramifications? Will this be taxed at a different rate? Will it be considered earned income? As you can see, I am at a total loss of what to expect. Any help would be appreciated.
  • Oct 17, 2006, 07:06 PM
    AtlantaTaxExpert
    This money is considered inherited income. The amount in question is too small for estate taxes, and it is EXEMPT from state and federal income taxes.

    There may be a California death tax, but I do not think so.

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