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The answer is no, in general your inheritance will not be subject to income taxes. However, if you inherited something that subsequently appreciated, the appreciation could be taxable. As the recipient of the inheritance, you donât have to pay income taxes. But, taxation can be a factor when you look at the big picture. There is an estate tax in place, but there is a $5.43 million exclusion in 2015.
Do You Pay Tax on Inheritance Money. As with anything tax related, the answer to do you pay tax on inheritance money is a muddled one. Simply put, the answer is no and yes. Before we get to that, however, it is worth noting here that estate taxes are different from inheritance taxes.s with anything tax related, the answer to do you pay tax on inheritance money is a muddled one. Simply put, the answer is no and yes. Before we get to that, however, it is worth noting here that estate taxes are different from inheritance taxes.