I am going to inherit a money market account that has appreciated since my brother died. He died in 2008 and finally, the probate court has released the estate.
Do I pay federal short term or long term capital tax on the gain? Is it the same for California?
Also, please confirm that I don't pay any ax on his stock until I sell it?
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Inherited will be long term for both federal and state. You will pay tax on dividends and interest you receive throughout the year. When sold, you will pay capital gains tax.
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