A cash inheritance is not taxable at the federal level. You should check your state for it's rules, as they all differ.
GIFTS:
- The recipient of a Gift has no Income Tax Liability for the value of the Gift.
- The Donor may have to review the rules regarding Gifts, if any one Gift from one person
to one other person is greater than $17,000 in 2023. This is not income tax and
is the responsibility of the Donor not the recipient. viz., IRS Form 709
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
