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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 118689
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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I have received a cash inheritance from my mom, is it

Customer Question

i have received a cash inheritance from my mom, is it taxable?
JA: The Estate Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: no
JA: Please tell me everything you can about this issue so the Estate Lawyer can help you best. Please give me a bit more information, so we can help you best.
Customer: mom sold her home last year 2015 the cash in the bank was split 4 ways between siblings. she also had an annuity the four of us were the beneficiaries, is any of that taxable other than the interest on the annuity?
JA: Is there anything else the Estate Lawyer should be aware of?
Customer: no
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Estate Lawyer about your situation and then connect you two.
Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
There is no inheritance tax under $5.6 million. So anything you received from inheritance is not taxed other than interest received as you stated. Your mom sold the house and received the money, so she or her estate has to pay any capital gains tax on that sale, but once that is done anything distributed to heirs is not taxable (aside from any interest income given to the heirs).