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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29535
Experience:  Taxes, Immigration, Labor Relations
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my mother just passed away, she willed me her home, which ...

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my mother just passed away, she willed me her home, which burnt down in March. She did get some insurance money for the house. She has about $14,000 in the bank and the property that the house set on. I live in Arizona. What taxes am I responsible for? She was 94 years old. I would guess that her entire worth is about 100,000.00

For income tax purposes inheritance is not taxable income neither in the US nor in Arizona regardless the amount - as a recipient of inheritance you do not need to claim it as income. There is no any amount limit. Please see for reference IRS publication 525 page 30 -


In case some of inherited funds are in tax deferred account - 401k, IRA etc - that funds upon distribution will be taxable income for beneficiary.

For estate tax purposes - federal estate taxes might apply to estates with value above $2,000,000 (for 2008) - this tax is paid by the estate - not by heirs. There is no inheritance tax in the US. As the total estate value is $100,000 - there is nothing for you to worry.

Some states of the United States have estate or inheritance tax at the state level - so-called "death duty" - such taxes apply based on where the decedent lived or the inherited property is located. Neither Arizona nor Iowa have such taxed

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Customer: replied 8 years ago.
Thank you
Appreciate fro accepting the answer - I wish you the best.