How much money can you give a relative without having to pay inheritance taxes?
You do not have to pay any income tax to the Internal Revenue Service on money you inherit, because the United States does not have a federal inheritance tax. Income produced by inherited property, however, is subject to income tax. The federal government also has an estate tax, which may reduce the amount of your inheritance. ChaCha!
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About Income Tax
The Income Tax is a tax imposed by the Federal, most states and local governments. The income tax is determined by applying a tax rate to an income bracket. In 2011, taxes are due on April 15th.
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