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May 2015 Archives

Do earnings on an inherited asset implicate income taxes?

The act of receiving an inherited asset, whether it is real estate, investments or cash, generally does not trigger income tax. However, any subsequent earnings on that asset might be taxable. For example, interest or dividends payments might be subject to income tax. If an heir sells an inherited real estate asset, that sale could also implicate capital gains taxes.

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  • It is difficult enough to cope with the emotional challenges of closing a parent's estate, and when you are also faced with the issue of your parents having insufficient documentation, and being remote from your siblings… - Zara L.
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  • I've been a client of Austin Frye's for over 10 years. In that time, he's handled my estate/trust planning and asset protection as well as complicated business deals. - Leslie
  • Mr. Frye recently set up a complicated special needs trust for my son and, as usual, did a great job explaining it and in putting our minds at ease about our son's future well-being. - Dr. Howard
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