Q: My dad got portion of parents estate, and would have had to pay taxes. He passed, and the money came to me. Do I pay
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A:
When you receive an inheritance, whether you need to pay taxes depends on several factors. Generally, inheritances are not considered taxable income for federal income tax purposes. However, if the estate itself was large enough, estate taxes might have been owed before the money was distributed to heirs.
In your case, since the money came to you from your father, it's important to check if the estate settled any taxes before you received the inheritance. If the estate already paid any required taxes, you typically wouldn't need to pay additional taxes on the inheritance itself.
Nonetheless, there might be other considerations, such as state taxes, or taxes on income generated by the inherited assets. It's a good idea to review the specifics of your situation with someone knowledgeable in tax laws to ensure you comply with all applicable regulations.
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