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

    Mar 16, 2008, 02:06 PM
    Inheritance Taxes
    Just curious. Each of 6 children received a $44,000 distribution upon passing of a parent. Does each adult child have a federal income tax obligation on any of the cash received? Thanks.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 16, 2008, 04:32 PM
    Nope. There are no federal inheritance taxes - only estate taxes, which the executor of the estate is responsible for determining, and which if due are paid out of the assets of the estate before they are distributed to the heirs.
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