Are Inheritances Taxable?

Answer

You will not have to pay any inheritance tax when someone dies and leaves you money, assets or property. This is for the reason that inheritance tax is in general paid out of the estate before you get your inheritance. However, you might have to pay other taxes such as income tax if the item generates income for you and capital gains tax if you sell, give away or exchange the asset and it has gone up in value from the date of death.
Q&A Related to "Are Inheritances Taxable?"
When someone has passed away and left valuables to someone, that person has received an inheritance from the deceased. The values left behind in the inheritance are taxable by a death
http://answers.ask.com/Business/Finance/what_part_...
There is an automatic exemption for federal estate taxes of $5 million for estates whose owner died after December 31, 2009 and before January 1, 2013. If the total value of your
http://www.ehow.com/info_12040047_inheritances-tax...
Is an Inheritance Taxable? In most cases, an inheritance is not taxable to you, but there are exceptions. At some point, you may inherit money or property that, in most cases, is
http://wiki.answers.com/Q/What_is_the_amount_taxab...
If a person dies and their total estate (money, property, cars, furniture, etc.) is valued at over $600,000 and the estate is not set up in some sort of trust, everything exceeding
http://answers.yahoo.com/question/index?qid=201208...
Explore this Topic
Depending on the state, you can be taxed for an inheritance. The amount of inheritance tax depends on federal taxation amount, overall value, and relationship ...
Whether an inheritance is taxable depends on the form in which it is inherited and the location it is placed. If it was a lump sum of money in the bank, it will ...
An inheritance is taxable income if it is in an amount greater than one million dollars. For most inheritors, this means paying no inheritance tax. ...
About -  Privacy -  AskEraser  -  Careers -  Ask Blog -  Mobile -  Help -  Feedback © 2014 Ask.com