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Bullivant Houser Bailey PC | Darin Christensen
Only if it is income in respect of a decedent. This is certain payments that would have been income to your mother if she had received it. Examples include, interest accrued before her death, payments from retirement plans, and gain on sale contracts signed when she was alive.
Answer Applies to: Oregon
Replied: 4/2/2012
Steven J. Fromm | Steven J. Fromm & Associates, P.C.
Money inherited is not taxable income under Section 102 of the Internal Revenue Code. But if the inheritance has an income component such as an IRA or a retirement plan or an annuity then there will be taxable income.
Answer Applies to: Pennsylvania
Replied: 3/30/2012
The Schreiber Law Firm | Jeffrey D. Schreiber
No, because it is not income. It is an inheritance. The is no tax to the beneficiary of an inheritance.
Answer Applies to: California
Replied: 3/29/2012
Elder Law Office of Mark Schaefer PC | Mark Schaefer
You only have to pay income taxes on money you inherit that would have been taxable to her if she received them. Examples would be a final paycheck or a distribution from a traditional IRA or a 401K/403b/SEP. Most distributions from estates are not subject to income tax.
Answer Applies to: Georgia
Replied: 3/29/2012
Della Rocca Law, LLC | Brian R. Della Rocca
In general, the receipt of an inheritance is not subject to income tax. However, if there was a delay in your receipt of the inheritance and, during that delay, the inheritance itself earned income, then you may have to pay income tax on the income earned by the inheritance.
Answer Applies to: Maryland
Replied: 3/29/2012
Montgomery & Wetenkamp | John Wetenkamp
You generally do not have to pay taxes on money received by way of inheritance. However, there are some important exceptions, so you should consult with a tax attorney or CPA just to be sure.
Answer Applies to: California
Replied: 3/29/2012
Musilli Brennan Associates PLLC | John F Brennan
Usually not, unless the source of the funds inherited was tax-deferred such as an IRA in which case there may well be a tax effect either before or after the distribution depending on options taken. You should see an attorney or accountant who is familiar with these issues.
Answer Applies to: Michigan
Replied: 3/29/2012
The DeRose Lawfirm | Peter J. DeRose
Short answer-probably not. It depends on what you mean by "money." It also depends upon how the "money" or property was transferred to you. More information is needed to accurately answer your question. There is a potential for estate or gift tax, depending upon the amount of the estate.
Answer Applies to: Michigan
Replied: 3/29/2012
