[sokoloff]

No, it is not income (nor taxable) to the recipient regardless of amount.

There is a tax on the estate of the decedent if the estate is larger than the exclusion amount.

[boringg]

I think we are saying the same thing.

Not taxable until it is over $12M. The only difference is that I didn't state that it wasn't taxed as income (which it shouldn't be) - it should be taxed as inheritance if it should be taxed at all.

[sokoloff]

Its unusual to start an agreement response with “actually” but glad we cleared up my misunderstanding of that phrase.

In the context of “an inheritance put me in the top 1% of income”, that’s obviously wrong, which was my point.