Your client Vince just received an inheritance from his father. How would this be considered in terms of taxes?

Regular income
Non-taxable income
Investment income
Capital gains

Expert Solution

Your client Vince just received an inheritance from his father . In terms of taxes , this income would be classified as :-

Answer :- ( b ) Non taxable income

Explanation :- inheritance received from family members is not subject to taxes . So, it is known as non taxable income .

Explanation for rejection of other points :-

( a ) Regular income means the income earned by wages, salaries , pension at fixed time period.

( c) Investment income is the income generated by investing in financial securities .

( d ) capital gains refers to increase in value of capital assets like financial assets or real estate assets .

So, the right option is :- ( b ) non taxable income

jeff jeffy answered 2 years ago

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Your client Vince just received an inheritance from his father. How would this be considered in terms of taxes?

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