I just got an inheritance from my Grandma what do I do?

This is another of those "most asked questions". In most cases what you are receiving is a gift through inheritance. It is important to remember that in most cases, gifts are not taxable. Sort of look at it this way. If I stop by your home on Christmas and give you a Christmas present do you need to report that gift as a present from good old Dan? The answer is NO. I gave you a gift. If your Aunt Minnie gives you another of those useless ABC gifts again this year to you report that on you tax return? Of course not. You receipt it at a white elephant party gift give away.
So, like I said most gifts through inheritance come to you tax free. But...

Like most things with our good friends at the IRS there are some exceptions. If Uncle Harry passed and you were the beneficiary of his annuity policy there could be some tax due.