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    lee0050's Avatar
    lee0050 Posts: 1, Reputation: 1
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    #1

    Mar 8, 2012, 12:50 PM
    Tax liability
    I inherited 50,000 dollars from my mothers trust fund. My mother is deceased. Am I liable for any federal income tax on this money. I live in Texas which has no income taxes.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 8, 2012, 02:03 PM
    You are not liable for any income taxes on your inheritance. Inheritance is not considered as income, and also neither the federal government nor the Sate of TX has an inheritance tax.
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