For the most part, the answer is no. A direct inheritance that is received in the form of life insurance proceeds or through the terms of a will would not be looked upon as taxable income by the IRS or state tax authorities.
If you inherit an individual retirement account, the tax situation will depend on the nature of the account. If it is a Roth account, you would not pay taxes on distributions, but distributions from a traditional individual retirement account would be taxable income.
Distributions of the principal in a living trust are not taxable, but you would have to report distributions of the trust’s earnings.