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.
As a beneficiary of an estate, you are not taxable on any assets received (money or property) unless it would have been taxable to the decedent (i.e. an IRA or pension account). Thus, you are not taxable on your inheritance of cash or real estate by the U.S. directly.