What taxes do I have to pay on inherited property?

There are no Federal inheritance taxes, although there are Federal estate taxes beyond the allowed exemptions. The exemption amount depends on the year of death. Check with a Florida attorney as to any Florida inheritance/estate taxes.

For Federal tax purposes, the beneficiary is not liable for the tax; the estate (the trustee or the executor) is liable for the tax. There will not be an estate tax unless the estate exceeds - in 2011 - $5,000,000 (counting prior gifts). This, however, is something that should not be addressed via e-mail. You need to retain competent counsel in Florida. You should get a referral from the person who prepares your income tax return, or from a neighbor, friend or relative. Otherwise, call the local Bar Association.