How An Inheritance Can Affect Your Tax Situation
After the passing of a loved one, people are often left with a lot to sort through. For some people in this group, their list also includes an inheritance. An inheritance is a special gift, but it is one that can sometimes come with tax implications. It's important to understand how an inheritance might impact your tax situation.
Inheritance Tax
If you received a large inheritance, the estate likely paid what is known as an estate tax to the federal government.
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