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I live in Oregon and my Grandparents left me 25,000 - According to my Dad, I will not have to pay taxes on this , is that true?

Bend, OR |

I also have some debt out there ... back taxes, student loans, medical bills, etc.... I intend to take care of these matters, but am curious if this will just be taken out of the money that was inherited to me ?

Attorney Answers 3

Posted

Your father is correct. Your inheritance is not subject to estate tax or income tax (you get to keep all $25,000).

This is not legal advice. This is to be used for educational purposes only.

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It is unlikely your creditors can directly take your inheritance. If there are judgments against you, your bank account can be garnished, however.

Be sure to designate "best answer." Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 27 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid.

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Posted

Inheritances are not taxable income. The income that inheritances generate (such as interest if it is invested during the time of administration) is be taxable but with $25,000 that would be very unlikely to amount to much.

This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature.

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