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Get your taxes done using TurboTax
You only need to pay income tax on the interest received.
Gifts are not taxable. Inheritances are gifts.
https://www.law.cornell.edu/uscode/text/26/102
(a)General rule
Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance.
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June 6, 2019
1:20 AM