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 estate tax at your death only if your taxable estate is worth more than $5.43 million (for deaths in 2015). Assets left to a surviving spouse (as long as the spouse is a U.S. citizen) pass free of estate tax, no matter what the value.he federal government imposes estate tax at your death only if your taxable estate is worth more than $5.43 million (for deaths in 2015). Assets left to a surviving spouse (as long as the spouse is a U.S. citizen) pass free of estate tax, no matter what the value.