Inheritance Tax Implications Missouri

Summary

In Missouri, inheritances are not considered taxable income. However, buying the house from your sister is a transaction and not part of the inheritance. You may owe taxes on any profit if you sell the house later. Consult a local tax professional for personalized advice.

Full Conversation

My mother passed away and left a house and some money to me and my sister. If i give her more of the inheritance money and buy the house off her, does this trigger a taxable event?
Hello ****, the tax implications can vary depending on your location. Could you please tell me where you are located?
Thayer mo
In Missouri:
- Inheritances are not considered taxable income.
- If you buy the house from your sister, it's a transaction, not inheritance. You may owe taxes on any profit if you sell the house later.
Please consult a local tax professional for personalized advice.