I received substantial monies from father's will. What is taxable?
Check with a knowledgeable tax attorney or CPA. It varies greatly from state to state. Some states have an inheritance or estate transfer tax and others do not. The federal estate tax is payable by the estate, not by those who inherit. Gather up all the paperwork that you receive regarding this inheritance and seek advice. It could be that a very short meeting will answer the question. Also, don't forget to do your own financial and estate planning to be a good steward of what your father left you. Good luck.
You should not owe any tax on the distributions from your father's will. Any taxes should have been paid out of his estate prior to distribution.
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