Probably not.My income from job is 24,000 a year, if it matters.
In general no. Texas has no inheritance tax. The federal government has no inheritance tax. There is a federal estate, but that is paid, if applicable, before any assets are given to the heirs.The 50000 could turn out to be some type of taxable income to you in the same way that the 50000 amount would have been taxable to the deceased tax payer once you did get it into your hands during the tax year OK on your own 1040 income tax return at your marginal tax rate during the 2013 tax filing season.
Any amounts of inheritance tax would be paid by the estate during the processing of the final tax papers before you would inherit any thing at all. OK
Once you do finalize the paper work and you do become the owner of the house and the lot you would NOT owe any income tax on it at that time in your at all. OK.
After that time any income that the house and the property does produce for you will then become taxable income during the tax year that the income is received in OK.
Have you talked to the trustee, administrator of this estate yet at this time in your life about any of this at all?
Hope that you find the above enclosed information useful. 07/07/2013
some states incur inheritance tax but not all and there is none for FederalYes you will.
Inheritance tax occurs after the heirs have received their payouts from rich Uncle Thaddeus. It is a tax on the amount received and is paid by the heir. Inheritance taxes are levied by the states. This means that in many cases an estate is taxed twice -- first by the federal estate tax, then by the state inheritance tax.