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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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Thank you. My question is that in a monthvor two my

Customer Question

thank you. My question is that in a monthvor two my inheritance will be coming to me to have. I was told that I need to have taxes taken out of it before I can keep it
JA: The accountant will know how to help. Please tell me more, so we can help you best.
Customer: I'm getting a $50,000 inheritance from my grandparents in a month or I have to get any taxes takes out of it all all?
JA: Is there anything else the accountant should be aware of?
Customer: No
Submitted: 11 months ago.
Category: Tax
Expert:  Mark Taylor replied 11 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 11 months ago.

It depends. If the amount of your inheritance includes a portion that is interest or capital gains you would be responsible for taxes for that portion. Usually there is a step up in basis at an individual's death. This means that if your grand parents owns assets the basis of the assets would be the fair market value of the asset at the time of death. So usually the capital gain on the sale of assets are minimum. The step up in basis is true if your grandparents individually owned the assets, or the assets were owned in a revocable trust. If the assets were owned in an irrevocable trust then there would be no step up in basis and the capital gain would be larger.