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?

Asked about 1 year ago - 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)

  1. Adam Famulary

    Contributor Level 10

    8

    Lawyers agree

    Answered . 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.
  2. Diane L Gruber

    Contributor Level 18

    6

    Lawyers agree

    Answered . 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... more
  3. Steven M Zelinger

    Pro

    Contributor Level 20

    5

    Lawyers agree

    Answered . 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... more

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