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Kiplinger
Kiplinger
Business
Daniel Razvi, Esquire

Inherited Money or Property? What You Need to Know Before Filing Your Taxes

IRA Income Tax Inheritance Tax capital gains Insurance
(Image credit: Getty Images)

If you received an inheritance recently, you might be wondering how it affects your tax situation. The answer depends on the type of inheritance, when you received it and what your long-term goals are for the money.

First, determine the size of the estate you inherited. The good news is, thanks to the recent One Big Beautiful Bill Act (OBBBA), the federal estate tax exclusion is $15 million per person. Most estates are under this.

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