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.
But even the sale of a house or the sale of stock would have a basis step at death. So each of these would probably result in a small capital loss after reporting the sale (depending on how the house was used after being inherited).