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alyssa-barwig
New Member

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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RichardG
New Member

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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RichardG
New Member

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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Opus 17
Level 15

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

Duplicate <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3436910-i-was-just-wondering-if-i-had-to-claim-my-inheritance-and-...>
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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