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The answer is no, in general your inheritance will not be subject to income taxes. However, if you inherited something that subsequently appreciated, the appreciation could be taxable. As the recipient of the inheritance, you donât have to pay income taxes. But, taxation can be a factor when you look at the big picture. There is an estate tax in place, but there is a $5.43 million exclusion in 2015.
I was wondering how much I should put aside to pay my inheritance tax. A. There seems to be a lot of confusion on how an estate is taxed when a person dies. There are no taxes imposed against a person who inherits money. In other words, you will not pay any taxes.There may, however, be estate taxes imposed against the estate, but only if it was a large estate. Currently, estates under $5 million do not pay any taxes.If your fatherâs estate was valued at more than $5 million, the estate would have to pay taxes, but any money you received would be tax free.here may, however, be estate taxes imposed against the estate, but only if it was a large estate. Currently, estates under $5 million do not pay any taxes. If your fatherâs estate was valued at more than $5 million, the estate would have to pay taxes, but any money you received would be tax free.