You are not required to report an inheritance as income for income tax purposes, but there are transfer taxes that can be applicable.
Topics covered in this white paper include:
- Income Taxes
- Federal Estate Tax
- State-level Estate Tax
- Inheritance Tax
- Tax Efficiency Strategies
Click here to read the whole article or download the PDF.
- Incentives Can Be Part of Your Estate Plan - May 30, 2023
- Straight Answers From an Estate Planning Lawyer - May 25, 2023
- How Can You Leave an Inheritance to a Dog? - May 23, 2023