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Keywords:
Bequest,
Descent,
Devise,
Died,
Distinguished
Anything received from the estate of a person who has died.
As opposed to a bequest or devise, denotes property acquired through laws of descent and distribution from a person who dies without leaving a will.
The assets received from someone who has died.
As distinguished from a bequest or devise, an inheritance is property acquired through laws of descent and distribution from a person who dies without leaving a will. Property so acquired usually takes as its basis, for gain or loss on later disposition or for depreciation, the fair market value at the date of the decedent's death. An inheritance of property is not a taxable event, but the income from an inheritance is taxable.
To get from someone after he or she dies
See Descent and Distribution
As distinguished from a BEQUEST or devise, an inheritance is property acquired through laws of descent and distribution from a person who dies without leaving a will. The value of property inherited id excluded from a taxpayers gross income, but if the property inherited produces income it is included in gross income. A taxpayer's basis in inherited property is the fair market value at the time of death.
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