Q: I am on social security (age -86), in CA and will be receiving a monetary inheritance from Norway. Do I owe tax?
I want to know if there are any taxes I will owe for receiving my inheritance (money) from another country (Norway) even though I collect social security.
A: Funds that you receive as an inheritance do not constitute taxable income.
A: There should be no taxes associated with receiving an inheritance. You would be able to take the property at the value you receive it. The only time you would owe taxes aon an inheritance is if the property you receive through the inheritance is income producing property. Usually, the estate itself pays the tax in the country where the tax is due
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