Houston, TX asked in Estate Planning for Texas

Q: If someone is willed an inheritance, will they b required to pay taxes on the money they were willed

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2 Lawyer Answers
Terry Lynn Garrett
Terry Lynn Garrett
PREMIUM
Answered
  • Estate Planning Lawyer
  • Austin, TX
  • Licensed in Texas

A: Yes. An inheritance is income just like any other income.

Isaac Shutt
Isaac Shutt
Answered
  • Estate Planning Lawyer
  • Richardson, TX
  • Licensed in Texas

A: Unless the amount of the estate is more than about $11.8 million, there will be no estate tax. There is income tax on accounts such as 401Ks and IRAs. Talk with a CPA. Depending on the type of account or asset, there actually be no tax due on your inheritance.

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