I will be receiving money from my parent estate. Do I have to claim that at income tax time?

My understanding is that my mothers estate will be taxed at 4.5% before all monies will be distributed amongst the siblings. My question is, do we each have to also claim what we get from the estate as income on our taxes next year?I will be receiving money from my parent estate. Do I have to claim that at income tax time?
Yes. It is simply ';income tax'; as opposed to the onerous ';inheritance'; tax. BTW, congress has been trying to do away with the latter.I will be receiving money from my parent estate. Do I have to claim that at income tax time?
Depends on where you live...In the US there's a $ amount that will be taxed (federal) but I'd think this would show up on the individual tax return...I could be totally wrong.
You could be taxed on all or part of it. When a person dies their estate may have an inheritance tax which is not the same as the income tax.





The estate will divide the income (from sale of stock or real estate or numerous other incomes) amongst the beneficiaries. You will pay tax on that income. One thing to remember is that you only have to pay tax on the profit of any sales. This is the profit from the value as of the date of death. Interest and dividends are usually fully taxable and other income may or may not be.





As an example lets say your aunt Marge passed away and she left you her entire estate. Her estate consisted of a house valued at 100,000 at the date of death and some bonds with a value of 100,000 - Only 15% of which is interest.





The house sold for 105,000 for a profit of 5,000.





You receive 205,000 from her estate but only pay tax on 20,000. 5,000 from the sale of the house and 15,000 from the interest on the bonds.