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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.
In the case of inheritance taxes, spouses, children, or siblings often have different exemptions, which we list in detail in table 35 in the 2015 edition of our annual handbook, Facts & Figures. Currently, fifteen states and the District of Columbia have an estate tax, and six states have an inheritance tax. Maryland and New Jersey have both. The state with the highest maximum estate tax rate is Washington (20 percent), followed by eleven states which have a maximum rate of 16 percent. Hawaii and Delaware have the highest exemption threshold at $5,430,000 (matching the federal exemption). New Jersey has the lowest, only exempting estates up to $675,000.