You are to present the results of your calculation, the. total cost to the customer, the steps the service manager would oversee the. technician performing, and an outline of how the service manager would determine. if the work had been performed to the customerâs satisfaction.
Inherited cash is not considered taxable income for federal tax purposes. The inheritance of stuff - property in your case - is also not considered income for federal tax purposes. Generally the fair market value of the property at the date of death becomes the beneficiary's basis for calculating gain or loss when it's sold.
This so called inheritance tax occurs all the time because people are ill-prepared or unaware. Let's take the case of a life insurance benefit being paid out. If the beneficiary is correctly listed, the full $500K would go the beneficiary with no taxation. This is a huge benefit to life insurance.