I received 3 CD’s as a bequest from my dad. Will I have to pay any taxes on this inheritance? I would like to take some cash out of one of the CD’s, and are there any taxes or penalties if I do this?

Here are a number of factors that need to be considered before answering this completely: 1. Estate tax: The 2016 limit is $5.45 million per individual, so as long as your father’s estate was under this amount, the assets are likely yours (estate-tax-free). 2. Title: If they were solely owned in your father’s name, you […]