Legal Question in Wills and Trusts in California
is inheritance considered income
would money from the sale of a house which was inheritated be considered income? If you were collecting social security could the money be considerd income?
Asked on 7/05/05, 1:05 pm
1 Answer from Attorneys
Chris Johnson
Christopher B. Johnson, Attorney at Law
Re: is inheritance considered income
Inheritances aren't taxed as income, but if the estate was over the exempted limit ($1,500,000 this year), there may be estate taxes due.
However, if the house gained value since the time you inherited it, there may be capital gains tax due.
Regarding Social Security, if you're receiving SSI, the inheritance could affect your eligibility, and you should check with an attorney to see if it does so, and if there's anything you can do to preserve your eligibility.
Answered on 7/05/05, 1:48 pm
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