Inheritance

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Inheritance

Any form of property that one receives when a person dies. One may receive an inheritance because the deceased person had so specified in a will, or, if there is no will, one may receive an inheritance simply by being a close relative of the deceased. In most countries, inheritances are taxed if they are valued over a certain amount. See also: Estate.

Inheritance

As distinguished from a bequest or devise, an inheritance is property acquired through laws of descent and distribution from a person who dies without leaving a will. Property so acquired usually takes as its basis, for gain or loss on later disposition or for depreciation, the fair market value at the date of the decedent's death. An inheritance of property is not a taxable event, but the income from an inheritance is taxable.
References in periodicals archive ?
Anna Maria would inherit some of Portia's great fortune which was to be united with Francesco's inheritance from his father and mother.
A beneficiary who earns $35,000 a year and inherits $85,000 in 401(k) money could find himself paying income tax of 25% rather than 15%.
The next Oregon AD will inherit a large stable of successful, competitive athletic teams.
We cannot inherit eternal life while investing in and clinging to the disease of Affluenza.
Second, it ignores recessive genes which a person may inherit but not exhibit.
July 6, 2015 /PRNewswire/ -- Approximately 1% of the population inherits a common herpes virus that is integrated into their chromosomes.
This case illustrates that taxpayers under the age of 59 1/2 who inherit an IRA must make a decision.
Whether one child inherits the gene has no bearing on whether others will.
Atreyu is one of about 72,000 Americans with sickle cell anemia; Shiyanne did not inherit the disorder.
While more than 13 million people (31%) have their heart set on a specific item they want to inherit, 31% admit to having items they wouldrather not receive.
If there are no children, the spouse inherits the first $200,000, plus one-half of any excess, and the balance passes to living parents or, if none, to any sibling.
Cost Segregation Consultants, a national service practice dedicated exclusively to identifying and securing tax savings for property owners through a new, complex and underutilized property classification technique, reminds those who have already inherited, or may soon inherit commercial and multifamily residential property, to take advantage of the benefits of a cost segregation analysis as soon as the estate is settled.