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No, it is not income (nor taxable) to the recipient regardless of amount. There is a tax on the estate of the decedent if the estate is larger than the exclusi
by sokoloff 3y ago
No, it is not income (nor taxable) to the recipient regardless of amount.
There is a tax on the estate of the decedent if the estate is larger than the exclusion amount.
- boringg 3y agoI think we are saying the same thing. Not taxable until it is over $12M. The only difference is that I didn't state that it wasn't taxed as income (which it shouldn't be) - it should be taxed as inheritance if it should be taxed at all.
- sokoloff 3y agoIts unusual to start an agreement response with “actually” but glad we cleared up my misunderstanding of that phrase. In the context of “an inheritance put me in the top 1% of income”, that’s obviously wrong, which was my point.