Do you pay income taxes on an inheritance in Indiana?

Answer According to Retirement Living, inheritance taxes are strictly a state tax but are not imposed on an inheritance in Indiana. The Internal Revenue Service may levy estate or gift taxes if the amount... Read More »

Top Q&A For: Do you pay income taxes on an inheritance in In...

Is inheritance money considered income for IRS taxes?

For Internal Revenue Service (IRS) purposes, inheritance falls under the rules outlined for estates. Generally, no taxes are owed by the recipient of an inheritance. Only people who exceed the yea... Read More »

Who must file indiana income taxes?

According to the Indiana Department of Revenue's 2009 IT-40 Income Tax Booklet, Indiana residents (either full or part time), as well as Kentucky, Michigan, Ohio, Pennsylvania and Wisconsin residen... Read More »

Is Inheritance money to be reported on federal income tax as income?

It is possible to have some taxable income from an inheritance the source and the type of income that is inherited is what will determine this. Inherited pension or IRA. If you inherited a pension... Read More »

Is there an indiana inheritance tax?

Indiana imposes an inheritance tax on people who were residents of the state when they died. The tax is levied against the person who receives the inheritance of the deceased. Indiana inheritance t... Read More »