Is my father's inhertitance to his children, after divided, after being gifted to us legally, sold and divided, something i have to claim as income?

[Coleen3 · Accepted solution]

If the estate sold all the assets and you received the cash that resulted from the sale, then no. If an asset passed through to the inheritors and was then sold at a gain, then yes, the gain is taxable.

An inheritance is not a gift. A gift occurs during the donor's lifetime. An inheritance is passed on after death.