Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. There are different kinds of taxes. It is important to differentiate income taxes from estate
and inheritance taxes. There would have been no estate or inheritance tax due on your inheritance of this account, But, if the account earned income, then this income would be subject to income tax. For example, if the account had $140,000 in principal, there would be no estate or inheritance tax on inheriting this. But, if that account earned interest on the principal of $140,000 equal to $14,000, then that $14,000 is subject to income tax.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!