{"id":1902221,"date":"2023-03-21T14:57:28","date_gmt":"2023-03-21T18:57:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-season-2023-do-you-have-to-pay-taxes-on-money-or-property-received-in-a-will\/"},"modified":"2023-03-21T15:01:26","modified_gmt":"2023-03-21T19:01:26","slug":"tax-season-2023-do-you-have-to-pay-taxes-on-money-or-property-received-in-a-will","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-season-2023-do-you-have-to-pay-taxes-on-money-or-property-received-in-a-will\/","title":{"rendered":"Tax season 2023: Do you have to pay taxes on money or property received in a will?"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftax-season-2023-do-you-have-to-pay-taxes-on-money-or-property-received-in-a-will%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1902221&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79411449\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\">\n                <meta itemprop=\"name\" content=\"Supreme Court takes up first cryptocurrency case\"><br \/>\n                <meta itemprop=\"description\" content=\"The Supreme Court will hear arguments in its first case surrounding cryptocurrencies Tuesday, raising the possibility of justices taking on more cases concerning digital assets in the future. The rise of cryptocurrency, in tandem with recent bankruptcies and fraud in the industry, is prompting legal questions about the speculative digital assets, though the arguments before the court Tuesday are actually procedural in nature and surround a pair of class action lawsuits against crypto ledger Coinbase.\"><br \/>\n                <meta itemprop=\"duration\" content=\"PT1M20S\"><br \/>\n                <meta itemprop=\"uploadDate\" content=\"2023-03-21 14:58:33\"><br \/>\n                <meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1266527_th_1679410714.jpg\"><br \/>\n                <meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1266527.mp4\">\n            <\/div>\n<p>            <script type=\"text\/javascript\"> var _bp=_bp||[]; _bp.push({ \"div\": \"Brid_79411449\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1266527\"} }); <\/script><br \/>\n            <script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script>\n        <\/div>\n<\/p><\/div>\n<p>\n        <span class=\"ArticlePage-articleBody-firstLetter\">W<\/span>ith <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/stimulus-update-new-tax-refund-georgia-residents\" target=\"_blank\" rel=\"noopener\">tax season<\/a> already here, individuals who receive money or property through an inheritance from a loved one&#8217;s will may want to know if they need to pay taxes on the unexpected income.\n    <\/p>\n<p>\n        Generally, inherited money is not taxable to the recipient. However, three different taxes are possible depending on what that person inherits, and the state laws that apply. These taxes are estate and gift taxes, inheritance taxes, and income taxes.\n    <\/p>\n<p>\n        &#8220;When you say someone inherits money from a will, what you&#8217;re basically saying is they&#8217;re inheriting it from someone else&#8217;s estate,&#8221; explains Joseph Eschleman, the president of Towerpoint Wealth to ABC-10. &#8220;Nine times out of 10, when you inherit money, be it from a friend or family member \u2014 it doesn&#8217;t matter. The act in and of itself, of receiving that or inheriting the money is not taxable to the beneficiary or inheritor.&#8221; Tax laws, however, vary from state to state.\n    <\/p>\n<p>\n        Regarding the federal estate tax, the recipient does not have to pay taxes on the property unless the estate is worth more than $12 million, thanks to the Tax Cuts and Jobs Act passed by Congress in 2017.\n    <\/p>\n<p>\n        Some states impose an inheritance tax on the recipient, rather than on the estate or the deceased. These taxes are rare and are only applicable in six states: Iowa, Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania. The amount of tax depends on the inheritance&#8217;s size and the relationship between the deceased and the recipient, according to <i>Investopedia.<\/i>\n    <\/p>\n<p>\n        As for income tax, if the money came from the deceased&#8217;s savings account, it isn&#8217;t taxable to the recipient. The money is instead taxed by the deceased&#8217;s estate. However, if the money comes from tax-deferred retirement accounts like a 401 (K), the recipient will have to pay taxes after receiving payments because the money hadn&#8217;t been taxed earlier.\n    <\/p>\n<p>\n        Tax laws are complex, and they differ from one state to another. Tax experts advise seeking professional advice for specific situations regarding taxes.\n    <\/p>\n<\/div>\n<p><\/p>\n<hr>\n<p>&#8216;Read More From <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/taxes-on-money-property-received-in-will\">&#8220;Tax season 2023: Do you have to pay taxes on money or property received in a will?&#8221;<\/a>&#8216;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With tax season upon us, filers who received money through an inheritance from a loved one&#8217;s will may wonder whether they need to pay taxes on the unexpected income. The short answer is not usually, but three different kinds of taxes could come into play, depending on what a person is inheriting and state laws.<\/p>\n","protected":false},"author":1,"featured_media":1902222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[8016,4755,5280,10067,7807,5793,8360,10964,4719],"class_list":["post-1902221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-8016","tag-money","tag-pay","tag-property","tag-received","tag-season","tag-tax","tag-taxes","tag-will"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1902221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1902221"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1902221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1902222"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1902221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1902221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1902221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}