Posted on 02/25/2015 7:08:55 PM PST by SolidRedState
Received a mostly property inheritance. Had to sell off some to pay the inheritance tax.
Inheritance is not taxable as income. Inheritance tax is not deductible as an expense.
There were no capital gains on the sale.
Does the sale count as income?
Tax appointment in 3 weeks and it is just bothering me. I cannot stand the suspense. I think it would not count since it was part of the inheritance and the inheritance tax was paid.
Unless it was a big enough inheritance to require hiring a tax attorney to manage, you should be good to go. We got about $60K from an inheritance and paid zero taxes.
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