Is money received from a parents checking account after their death considered taxable income?

[LinaJ2018 · Accepted solution]

The money you inherited from your parents after their death is not taxable on your federal return. The IRS doesn't impose an inheritance tax.

As far as states, only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax.

·  https://ttlc.intuit.com/community/state-taxes/help/how-do-i-contact-my-state-department-of-revenue/0...       

Please note that any Interest or other income generated from inherited cash would be taxable.