Have a Tax Question? Ask a Tax Expert
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good afternoon. No,this is an inheritance and thus you would not be income and thus not be subject to income tax. Also, you would owe no inheritance tax on this. There is no inheritance tax on the federal level, and Maryland imposes no inheritance tax on money left to children, grandchildren, parents or siblings.
Thank you somuch for allowing me to help you with your questions. I've done my best to provide information whichwill be helpful to you. If I have notfully addressed your questions or if you have any follow up questions, or if Ihave misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating soI can provide you with a fully satisfactory answer. If I have fully answered yourquestion(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time toprovide me a positive rating!
Thanks so much for the positive rating and the bonus! I appreciate your generosity and theopportunity to serve you! If I can be ofassistance to you in the future, just look me up and I will be happy to help!