Outright Gifts (cash or property): Gifts you receive with no expectation of repayment or other obligation are tax-free to you. However, gifts of property (including real estate and stock) come with the original owner’s cost basis, so you may have a taxable gain if you were to sell.

Inherited Assets: The tax impact of funds or property you inherit depends on exactly what you’ve received. Funds that the deceased person had already paid tax on (such as money in a bank account) won’t be taxable to you. Money in a retirement account that had not been previously taxed will be taxable when you with withdraw. (There may be specific requirements on how promptly you must withdraw the money; see the Resources below for more information. Property you inherit, including stock, will generally get valued at what they were worth when inherited, so the tax impact when you sell may be small.

Prizes, Awards, Lottery Winnings: All of these and similar windfalls are generally fully taxable.