[dml5278]

I will be inheriting money, unsure of the amount, from my Aunt who died recently. Can you tell me if I will owe taxes on that money? I live in NYS as my Aunt did.

[ebaines]

No - you will not owe any taxes on your inheritance, as neither the US federal government nor the State of NY have an inheritance tax. On a slightly different topic, namely estate taxes: if the value of the estate is large enough the executor may have to file an estate tax return with the IRS and the State of NY, but if estate taxes are owed they are paid out of the assets of the estate, not by you as an heir. Bottom line is whatever you receive as inheritance is yours to keep with no tax consequences.

[ScottGem]

Any taxes owed on the estate will be paid by the estate before distribution of the bequests.