If you're asking if you pay federal income taxes on it, the answer is no.The IRS doesn't impose an inheritance tax.
Only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax.
For example, if you inherited $10,000 in cash and deposited it into a bank account, generating $40 of interest in 2018, the $40 would be included in your income as taxable interest.
If you're asking if you pay federal income taxes on it, the answer is no.The IRS doesn't impose an inheritance tax.
Only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax.
For example, if you inherited $10,000 in cash and deposited it into a bank account, generating $40 of interest in 2018, the $40 would be included in your income as taxable interest.