Do I have to pay taxes on inherited property? 1 Answers as of April 01, 2011

I have property that was inherited. We recently cut the timber on this property and we need to know if we have to claim the money earned from the logging on our taxes.

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Steven J. Fromm
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
Inheritances are generally not taxable income. So the property itself is not taxable income. However, any income you obtain from logging would be taxable income.
Answer Applies to: Pennsylvania
Replied: 4/1/2011
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