TaxAudit Blog

Tag: inheritance tax

Money background with one 100 dollar rolled up as a heart

My minor daughter was a beneficiary for her uncle's savings account. Does she need to report it as income?  Are there tax implications if she gifts the money?

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House with money stacks next to it

I'm inheriting $44,000 from my father's house being sold in New York. I just want to know how much tax, if any, would I have to pay in South Carolina. Thank You

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Sold Sign

Father died 30 years ago. Stepmother just sold house and children split father's portion of sale (after filing of an affidavit of heirship). Do we owe taxes?

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House with person doing paperwork in the background

To know if your home inheritance is taxable income you will need to start by figuring out what your step up in basis is - the property value when someone dies.

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