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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary
References in periodicals archive ?
Four per cent of people in the age ranges 25 to 34, 35 to 44, and 65 and over inherited money of this amount, while for people aged 45 to 54, the rate was five per cent.
When Willem Van Gogh inherited his uncle Vincent's priceless masterpieces, he did a noble thing by founding the Van Gogh museum in Amsterdam which has, for a century, regaled art appreciators around the world.
Morales said she inherited some 19,000 pending cases from her predecessor when she took the office in 2011.
One in five (20%) women aged over 50 who hold shares said they had inherited them, against one in 10 (10%) men in this age group.
Other courts, including the one ruling on Heidi's case, found that funds in an inherited IRA are no longer retirement funds because the funds are not specifically set aside for use by the beneficiary in retirement.
Earlier studies that have looked at inherited susceptibility to ovarian cancer have focused on women with known family histories of the disease.
Setting up an inherited retirement account could have possibly saved each beneficiary several thousands of dollars in taxes.
Traditionally, a spouse was able to roll over the assets of an inherited 401(k) into an IRA.
The next Oregon AD will inherit the support of a dedicated and enthusiastic alumni donor base.
If closely related dog breeds have a disease in common, "then I can assume that there's a good chance that they inherited a common ancestral mutation (variation in DNA)," says Ostrander.
[7] Because there were no male heirs to inherit from her father, Giampaolo da Cere, Portia received all his lands including the rich duchy of Cere (near Cerveteri), Bassano Romano, and Magliano Romano Pecorareccio.
There, a tenured anthropologist, Vincent Sarich, began to say that black success in basketball proved the inherited basis of talent, which in turn supported the view that whites could inherit superior mental faculties.