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Hi and welcome to Just Answer!In 2010 - federal estate taxes were repealed.In Texas - there is not inheritance or estate taxes.In Virginia - legislation enacted by the 2006 General Assembly, House Bill 5018, repeals the Virginia estate tax for the estates of decedents whose date of death occurs on or after July 1, 2007. - see for reference - http://www.tax.virginia.gov/site.cfm?alias=Estate Virginia does not have inheritance taxes.So far - there are neither inheritance nor estate taxes in your situation.Inheritance is not a taxable income in the US - there is no need to report the fact of receiving inheritance on your income tax return. However if you inherited any funds in tax deferred accounts - such as IRA, 401k, etc - distributions from these accounts are taxable - thus plan these distributions wisely.Let me know if you need any help.
Inheritance is not a taxable income in the US - there is no need to report the fact of receiving inheritance on your income tax return.