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While there's no federal inheritance
of Maryland is one of very few states that still have one, but direct decedents are exempt
. You should not owe any inheritance tax.
More info here: http://wills.about.com/od/maryland/qt/Overview-Of-Maryland-Inheritance-Tax-Laws
That being said, when you inherit a property
that appreciate in value like houses, you might have some capital gains
to claim when you sell the property. Your capital gain will be basically just the appreciated value - the difference between the sales
price and the fair market value on day of inheritance (original owner's death). The same would go for the checking account. Any interest
from the date of inheritance is your taxable interest income
There could be some reporting
required, depending on the value of the checking account, but those will be just informational tax forms
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