Inheritance

[robbrewer12]

Forgot to ask. Do I report it on my state? I’m in California. It’s a cash inheritance 

[Cindy4]

Hi @robbrewer12 !

In California, there is no state-level estate or inheritance tax. If you are a California resident, you do not need to worry about paying an inheritance tax on the money you inherit from a deceased individual.   If the inheritance produces income, there may be a tax obligation.  Here is a good reference:

https://www.ftb.ca.gov/file/personal/income-types/gifts-and-inheritance.html

Hope this helps!

Cindy

[JohnJ4]

California Has no state  Level inheritance tax but  if the inheritance is invested and produces income this would be taxable for state and federal tax in the year the income is receivec.