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pinky12

Is Inheritance Taxable?

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1 hour ago, pinky12 said:

NJ father predeceased CT mother. Now mom died. Are funds inherited from (1) an irrevocable trust and (2) residual (cash) estate taxable to CT heir?

 

 

The distribution received from the trust and estate are not included in income for income tax. However, depending on the details of trust and estate of the taxable income of the estate/trust might get passed on to you. For example,  there might be some interest income that passes to you to include on your income tax return.

 

Any federal estate tax or Connecticut estate or inheritance tax should have been paid by the estate prior to distribution. If the tax is not paid the government may come after the beneficiaries to collect it.

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