my grandmother passed away earlier this year. I received an inheritance of $9,000 from her. is this taxable? I live in Kansas
Asked on 12/07/13, 5:46 pm
1 Answer from Attorneys
William Prugh
Retired from Polsinelli PC
The general rule is that an inheritance is not subject to income taxes, unless the amount includes some interest or dividend income. Whether or not federal estate taxes applies depends on the size of the taxable estate of the deceased compared with the amount that is excluded from taxation under current law. You should consult the attorney or CPA handling the estate to be sure you have all the facts, and then contact a tax preparer for guidance.
Answered on 12/09/13, 8:01 am