When is an inheritance taxed?

June 25, 2024

Hello Richard.

With the start of summer, you may be considering summer home improvement projects. If you make qualified energy-efficient improvements to your home after January 1, 2023, you may qualify for a tax credit up to $3,200. You can claim the credit for improvements made through 2032.

This is also the perfect time to review and refresh your personal financial plans. Let's work together to ensure your financial well-being and security. Contact us or call 203-933-1679.

Thank you.

Rich Pavano, CPA

When is an inheritance taxed?

Many people are genuinely grateful for inheritances. However, sometimes an inheritance can come with strings attached. Although most inherited property is tax-free for the recipient, when is an inheritance taxed? Property that’s considered income in respect of a decedent (IRD) may be a significant estate planning issue.

Read our blog post to learn how IRD works and what you can do about it.

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