Recently received and check from a parents estate through probate. I want to know if it's taxable, at what rate, and can any of it be sheltered in an IRA. I am in SC. Tim

[MaryK1 · Accepted solution]

 In most cases, property you receive as a gift, bequest, or inheritance isn't included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you. If property is given to a trust and the income from it is paid, credited, or distributed to you, that income is also taxable to you. If the gift, bequest, or inheritance is the income from the property, that income is taxable to you.

South Carolina has no inheritance tax.