We get a lot of questions about the taxes that can impact inheritances, and people are usually surprised when they hear the answers. Believe it or not, you do not have to report an inheritance as taxable income on your federal or state tax returns. Another positive element to the rules for taxation on bequests is the step-up in basis. The best way to explain this is through the use of a simple example. Let’s say that your grandfather passes away, and he leaves you 1000 shares of stock that … [Read more...] about Is There an Indiana Estate Tax?
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