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.
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Latest posts by Larry Parman, Attorney at Law (see all)
- What Happens to Assets When Creating a Trust? - February 27, 2017
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