You are to present the results of your calculation, the. total cost to the customer, the steps the service manager would oversee the. technician performing, and an outline of how the service manager would determine. if the work had been performed to the customerâs satisfaction.
Inherited cash is not considered taxable income for federal tax purposes. The inheritance of stuff - property in your case - is also not considered income for federal tax purposes. Generally the fair market value of the property at the date of death becomes the beneficiary's basis for calculating gain or loss when it's sold.
Not on your federal return. The IRS doesn't impose an inheritance tax. Only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax. For Tennessee - The inheritance tax is no longer imposed after December 31, 2015.