Do you have to pay taxes on money received as a beneficiary?

Do you have to pay taxes on money received as a beneficiary?

Generally, when you inherit money it is tax-free to you as a beneficiary. This is because any income received by a deceased person prior to their death is taxed on their own final individual return, so it is not taxed again when it is passed on to you. It may also be taxed to the deceased person’s estate. May 26, 2020