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Please see for reference IRS publication 525 - www.irs.gov/pub/irs-pdf/p525.pdf page 34
Gifts and inheritances. Generally, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest, dividends, or rents, that income is taxable to you. If property is given to a trust and the income from it is paid, credited, or distributed to you, that income is also taxable to you. If the gift, bequest, or inheritance is the income from the property, that income is taxable to you.So - unless you inherited funds in tax deferred accounts (such as 401k, IRA, etc) - your inheritance is not taxable.Let me know if you need any help or clarification.