Are there taxes on an inherited IRA?

Q: My mom has a 150,000 in and IRA. My brother and I will be the benificiary if she dies. Do we pay taxes if we inherit the balance left? --Anna

The following answer was provided by Wesley Rickard, CPA, Quin, Rickard, Lipshires, & Grupp, LLP

A: Yes an inherited IRA is considered income in respect of a decedent and you will pay income taxes on it when withdrawn. You will be allowed to withdraw it over your remaining life expectancy or less time if desired without any penalty tax.