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Get your taxes done using TurboTax
An inheritance (with the exception of certain retirement plans) is generally not subject to federal income tax. The estate tax threshold is currently over $12 million and it would not make any difference whether you passed on an interest in an LLC or an interest you held individually.
You are not going to be able to deduct your investment expenses either way. If the startup. itself, has expenses, those expenses will be deducted from the startup's gross profit, regardless.
‎November 22, 2022
10:59 AM