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Yes, money or assets inherited from a will can be subject to taxation, but it depends on the specific laws of the jurisdiction. In the U.S., for example, beneficiaries typically do not pay income tax on inheritances, but the estate itself may be subject to estate taxes if its value exceeds certain thresholds. Additionally, any income generated from the inherited assets after the inheritance may be taxable. It's advisable to consult a tax professional or estate planner for specific guidance.
What else can I help you with?
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
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.
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
If money is paid from a trust to a trustee is that taxable income?
Money paid to trustees and executors for their services is taxable compensation. More information is provided at the link below.
Is money received from your boyfriend taxable income?
depends where you live
Can you use non taxable inheritance money for donation as a deduction?
no
Is money received for work done for a family member taxable income or can it be treated as a gift?
Its income
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
Are executor fees taxable income if the deceased was a family member and the executor was also a beneficary?
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.
Can you be charged income tax on money loaned to you by family?
Loans from anybody or thing (bank, person, etc) are never taxable.
If i receive life insurance for deceased husband is it taxable?
No but what you do with the money may be taxable.
When cashing a CD is the money taxable?
no
Is fire insurance money taxable?
no
Is it possible to get a small money loan if you are unemployed?
yes from your family members ;)
How can an 8 year old get money with out working?
By asking members of their family.
What is The taxable portion on the loan?
None of of the borrowed money would be taxable income to you when you receive it.
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
Is workers compensation money taxable when used to offset social security?
No. Workers comp is not taxable.
