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Level 1

I got an inheritance last month of 24,000.. And I was just wondering if I had to claim it on my tax return?

My uncle held on to it for 10 years BC it was split between 5 of us and they just had to transfer it from one account to the other
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Level 1

I got an inheritance last month of 24,000.. And I was just wondering if I had to claim it on my tax return?

As a general rule, inheritances are not subject to income tax, and do not get reported on your income tax return.  The exception to that rule is for income in respect of a decedent, so if you inherited a retirement account or some other asset that would been taxed if paid to the deceased, special rules apply.

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Level 1

I got an inheritance last month of 24,000.. And I was just wondering if I had to claim it on my tax return?

As a general rule, inheritances are not subject to income tax, and do not get reported on your income tax return.  The exception to that rule is for income in respect of a decedent, so if you inherited a retirement account or some other asset that would been taxed if paid to the deceased, special rules apply.

Level 20

I got an inheritance last month of 24,000.. And I was just wondering if I had to claim it on my tax return?