money that has been inherited has already been assessed for inheritance tax based on the amount left in the deceased estate. Once you have inherited the money you are not liable for inheritance tax.
YES it is possible that you could receive some taxable income from the trust that you would have to report on your 1040 federal income tax return.
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
ALL income is taxable.
Yes, Bonuses are income and income is taxable
Fees received by an executor are not classified as inheritance and therefore are not subject to an inheritance tax, but they are classified as income, and are subject to income tax.
YES it is possible that you could receive some taxable income from the trust that you would have to report on your 1040 federal income tax return.
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
The amount of taxable inheritance depends on the entire estate. If the amount of the estate that the 60,000 was inherited from is over 2 million dollars then the income is taxable. If the estate was worth less then that then there are no taxes on the estate.
No it is not taxable
Taxable income is the total amount of your income that is taxable. Certain types of income are exempt from taxes, but most income is taxable. To find out more information about taxable income, go to http://en.wikipedia.org/wiki/Taxable_income
ALL income is taxable.
Yes, Bonuses are income and income is taxable
No. Death benefits from life insurance are not taxable. The only way that it could be taxes is if you illegally deducted your premiums on your tax returns. As long as the premiums are paid with after- tax money, there is no income tax on death benefits.
Supplemental security income (SSI) is not taxable income.
Inheritance taxes and property taxes are entirely separate issues. Regardless of whether or not we agree with taxes you still have to abide by them. I personally don't agree with the scope of inheritance taxes, however the government considers an inheritance taxable income.
In the UK, the HM Revenue & Customs website offers detailed information about taxable income. It is also explained what counts as taxable income and what counts as a non-taxable income.