• Ep 125: Is My Inheritance Taxed?

  • Dec 10 2024
  • Length: 7 mins
  • Podcast

Ep 125: Is My Inheritance Taxed?

Listen for free

View show details

  • Summary

  • In this episode of the Retire with Peace Podcast, host Dave Zaegel addresses common questions regarding the tax implications of receiving an inheritance. He clarifies that there is no tax on the inheritance itself, but discusses scenarios where taxes may apply, particularly with inherited IRAs and the concept of step-up in basis for inherited assets. The conversation emphasizes the importance of understanding estate taxes and planning for potential tax liabilities in the future.

    Takeaways:

    • There is no tax on receiving an inheritance.
    • Estate taxes are assessed at the estate level, not on the inheritor.
    • High estate tax exemption limits mean fewer people face estate taxes.
    • Inheriting an IRA requires understanding required distributions and tax implications.
    • A step-up in basis can reduce capital gains taxes on inherited assets.
    • The IRS took years to finalize regulations on inherited IRAs.
    • Inheritors should be aware of tax implications when growing inherited assets.
    • Receiving an inheritance does not create a taxable event immediately.
    • Planning for estate taxes is important due to changing thresholds.
    • Fear of taxes on inheritance is common but often unfounded.
    Show more Show less
Show more Show less
activate_Holiday_promo_in_buybox_DT_T2

What listeners say about Ep 125: Is My Inheritance Taxed?

Average customer ratings

Reviews - Please select the tabs below to change the source of reviews.

Audible.com reviews

Amazon reviews
No Reviews are Available