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.
It is more or less safe to say that an inheritance is not taxed as income to the person who inherits. However, if the property is transfered before the proper transfer tax is paid, the state or federal government can go beyond the transfer to the property in the hands of the inheritor. It is possible to have some taxable income from an inheritance the source and the type of income that is inherited is what will determine this.