Inheritance Or Gift Tax

I Live In Oregon. I Am 78 Years Old. My Cousin Passed Away In 2005
Her Entire Estate Was Left To 11 Heirs Without A Will, I Am One, It Is To Be Divided Equally. Approximate Amount I Will Receive Will Be
$130,000. Is This A Gift Or An Inheritance And What Are The Taxable Amounts I Would Be Liable For In Oregon? Please Help

Inheritance. It's only taxable if the money you receive would have been taxable to your cousin. For example, an IRA. You will probably receive a schedule K-1 passing along the estate's interest earnings. That will be taxable, but it should be no more than a few hundred bucks income.

I suggest you consult with a financial advisor soon to plan what you'll do with the money. And you may want to update your will to reflect your new assets.