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Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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I Received about 180,000 from my fathers estate,I reside in

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I Received about 180,000 from my father's estate,I reside in California, He lived in Ohio.He died on 3/24/2011.
All the money was in CD's and annuities, no real property.
Will I owe Federal or State Income tax on all or part of these monies?
Submitted: 5 years ago.
Category: Tax
Expert:  Lev replied 5 years ago.


Hi and welcome to Just Answer!

See IRS publication page 34 - - Generally, property you receive as a gift, bequest, or inheritance is not included in your income. There is no limit on the value you may receive.
You will not owe any federal or state income taxes on that inheritance.
The situation would be different if the money are in any tax deferred account - such as IRA, 401k, etc.
For a regular bank CD - only tax liability would be based on the interest credited to the CD after your father died.


Inheritance is not a taxable income in the US - please see for reference the IRS publication 525 page 34 -


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What about California State Tax?


Same for California - only tax liability would be based on the interest credited to the CD after your father died.


Thank You Very Kindly. Have a Great day!

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