It depends how the inheritance is comprised. As a general rule, if it would have been taxable to the deceased, it is taxable to you. Example: gain on the sale of a house or sale of stock. If it was not taxable, it would not be taxable to you. Example: cash in a savings or checking account. However, the interest earned on that cash would be taxable.
See the link below for a more detailed explanation.
https://www.irs.gov/help-resources/tools-faqs/faqs-for-individuals/frequently-asked-tax-questions-an...
