I need to know how a sale of a vehicle and cash in bank accounts are taxable when inherited?
The only way the cash in the bank accounts would be taxable to your client would be the amount of interest paid on the bank accounts after the death of the person from whom they were inherited. The Tahoe would have a basis that is the FMV on the date of death. If it is sold for more than that basis, the difference would be taxable. Having a difference from the date of death to the date of sale is possible but not likely. These answers are assuming that the estate was not subject to inheritance taxes which could create different scenarios. The basis of the house is also the FMV on the DOD.
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