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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.
Received an inheritance of cash, investments, or property? Here are four ways that can help you keep it from being swallowed up by taxes. Inheritances are not considered income for federal tax purposes, whether you inherit cash, investments or property. Any subsequent earnings on the inherited assets are taxable, however. You will be taxed on the interest paid on inherited cash in a bank account, for example, or dividends on inherited stocks or mutual funds.