In most cases, assets you inherit are not subject to federal income tax simply because you received them. However, income generated by inherited assets — such as distributions from an inherited traditional IRA or proceeds from selling inherited real estate at a gain — may be taxable. As of 2026 Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania impose a state-level inheritance tax on beneficiaries who are not immediate family members. Your CPA can model your specific obligations based on what you’ve inherited and where you live.
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