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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.
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.
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