One of the questions I get in estate planning is whether an inheritance constitutes income for income tax purposes. And the answer to this question is no.
Inherited property does not constitute income for income tax purposes. It’s a gift. Somebody who is giving you property. It’s not income that you earned.
Quick Question Corner is a video segment where we answer common questions about estate planning and elder law. If you have similar questions, leave them in the comment section and we can feature them in one of our videos in the future.
