My wife's sister passed away on July 2nd and she is the only sibling. Her sister never married and has no children. In the will, my wife is the only living heir. My wife is selling the car and house. My wife is also the only beneficiary on the life insurance policy and the retirement account. Our question is on these items listed; do we have income tax liability for 2023, since it is from a death of a family member? Thank You!!
