Site: alllaw.com
... For example, if you inherit a house and rent it out to tenants, you must pay income tax on the rent payments ... you receive. ... Similarly, if you inherit a bank account, you don’t pay income tax on the funds in the account, ... However, when you inherit property, you get the benefit of what’s called a “stepped-up basis ... —on the property you inherit. ... Must You Pay Income Tax on Inherited Money? ...