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
- Conclusion
- References
Click here to read the whole article or download the PDF.
- What Happens to Assets When Creating a Trust? - February 27, 2017
- Are Living Wills Different from Regular Wills? - February 28, 2017
- Why Wills are Such a Common Estate Planning Tool? - March 1, 2017