Inheritance tax, a levy imposed on the transfer of assets from deceased individuals to their heirs, has long been a subject of interest and concern. In the United States, inheritance...
Inheritance tax is the cost basis calculation for inherited assets against taxes owed to the state. That being said, most estates are simply too small to be charged the federal estate...
For federal tax purposes, inheritance is not classified as income, no matter what you inherited – cash, property, or investment. However, whatever you earn on such an inherited...