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    sand088's Avatar
    sand088 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Mar 31, 2007, 04:48 PM
    Income tax
    I received a cash inheritance. Is it taxable?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 4, 2007, 12:34 PM
    No! Any estate taxes due should have been paid by the estate before you got the money.

    An inheritance is tax-free for income taxes, EXCEPT for an inherited IRA.
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