Generally, inherited property (including cash, stocks, and real
estate) is not taxable or reportable on a personal1040 federal return.
However,
any income earned from an inheritance such as interest, dividends,
rent) or capital gains will be taxable on a federal return.
An
inheritance will be taxable if you inherit an IRA, 401(k) or other
retirement account. That would be considered "income in respect of a
decedent" which is earned by a deceased person prior to death. Because
it was paid after death the income is taxable to the recipient in the
year paid.
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