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I have received a cash inheritance from my mom, is it

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I have received a...

I have received a cash inheritance from my mom, is it taxable?

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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?

Submitted: 2 years ago.Category: Estate Law
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2/13/2016
Estate Lawyer: Law Educator, Esq., Attorney replied 2 years ago
Law Educator, Esq.
Category: Estate Law
Satisfied Customers: 126,699
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Verified
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).
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