I am about to receive an inheritance (less than what is allowed before inheritance taxes apply). Do I still have to pay federal income tax on the money received? I live in Texas, where there is no state income tax.

Do I have to pay Federal income taxes from an inheritance (say $100,00)?

I understand that Estates can be passed tax free to the heirs if their value is less than $2,000,000, and that if you inherit stocks and sell them you'd have to pay Capital Gains on the difference between the stepped-up value and the actual sale value, but do you also have to report the sale...

My father passed away earlier this year, leaving 3 children a sum of less than $500,000.00. Everything was probated and distribution made between his 3 children. Just wanting to know if I have to declare this money as income and are there any taxes that will need to be paid, federally or to the...

:) Hi, My father recently passed away and left 50,000 dollars to shared by 4 of his children,The lump sum is to go to my brother and he is to distribute it equally,He say's about 33% has to go to federal and state taxes,We live in Ohio,can you tell me if that is true? :eek: Thanks so much...