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foxthorracer
February 27, 2025
Question

How does inheritance affect your taxes. If the deceased lived in different state than your residence

  • February 27, 2025
  • 1 reply
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    1 reply

    M
    MAK70
    February 28, 2025

    @foxthorracer Can you clarify your question a but?  It really depends on the income.  Most bequests are not taxable income to the recipient.  If you are the beneficiary of an IRA or other retirement account, it would only be taxed in your resident state.  If you sold inherited real property, you may have to report in the state the property was located.  

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