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.
The federal government imposes an estate tax that applies to the assets a decedent leaves behind, but it does not apply to the recipients of inheritance. If you inherit money or property, you generally don't have to pay taxes on your inheritance unless you live in a state with an inheritance tax.he federal estate tax generally applies to estates with assets exceeding $5,120,000. If you receive inheritance from a wealthy individual, the money you receive may have been subject to estate tax but you don't have to pay estate taxes yourself.