Do I have to pay taxes on my inheritance once received?
This is a great question for a CPA. In most cases, you are not paying income tax on inheritance. It’s not income to you, and it doesn’t rise to the level of the estate tax. But definitely talk to your CPA about this.
There are other tax issues, like property taxes and sometimes capital gains tax issues that can arise. So we have a really good CPA that we recommend to folks. We always try to keep the family CPA involved because they know the family and case better than anyone but they may not do the estate tax returns that sometimes need to be done.
Ultimately, we want our clients to have the best person and team that we trust, and that is what we have.