Okay, so DH mom passed away earlier in the year. We recieved her life insurance as well as her pension. Does anyone know if we will pay taxes on both of these, or just one, and if so what percent?? Im trying to find info, but cant. Didnt know if anyone on here has dealt with this and knows first hand. Thanks :)

I don't think you have to pay taxes on an inheritance unless it is over a certain amount (like 500,000 bucks). I could be wrong though. When my Grammy died 10 years ago, she left her house to us. We sold it and didn't have to pay taxes because it was under a certain amount.

If I were you, I'd call a tax atty or accountant, they might give you the info for free, or look it up on the IRS website.

Or call the base, the Navy does our taxes see if your base does and you can get free advice their.