Inheritance

I live in the state of Virginia. I inherited my father's mutual funds. If I withdraw monies from these funds, are these monies taxable?
Thank You: Brenda

If the funds you sell have a higher value than your “basis” in the funds, then you have a gain to report. Your “basis” is the value of the funds at the date of your father’s death. IF the value of the funds you sell is less then your "basis," you have a deduction fro a loss.