Do I pay taxes on an inheritance from my grandmother?
My father passed away before my grandmother.
She left me 175k and a house that would be split between me and my cousin who is the executor of the estate. I received the money last year and we are selling the house this year.
She lived in NJ and passed away while living with my cousin in VA.
I live in Ga.
I believe my cousin has to pay taxes but I thought since I was the grandchild, I wouldn't have to pay if it's under a certain amount.
My father passed away before my grandmother.
She left me 175k and a house that would be split between me and my cousin who is the executor of the estate. I received the money last year and we are selling the house this year.
She lived in NJ and passed away while living with my cousin in VA.
I live in Ga.
I believe my cousin has to pay taxes but I thought since I was the grandchild, I wouldn't have to pay if it's under a certain amount.