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New Member
posted Apr 18, 2023 9:21:17 AM

I received my fed & state refund, but I realized that I received an inheritance from a family friend in '22 and I didn't disclose it. I never kept it & gave it to friend.

Do I need to amend my return, if so how do I amend it? Do I owe taxes for an inheritance from a friend of the family?

0 4 300
4 Replies
Level 15
Apr 18, 2023 9:25:21 AM

If this was a cash inheritance that is not reported on a federal tax return.  Or did you receive Tax Form for the funds you received?

New Member
Apr 18, 2023 9:30:29 AM

It was cash/check not reported on my fed or state return. When I received it I immediately wired it to another family friend that took care of her. 

Expert Alumni
Apr 18, 2023 10:01:40 AM

How was it reported to you?  Was there a tax form to report it?  Do you know if the Estate paid taxes on this money?

 

Inheritances are not considered income for federal tax purposes, whether you inherit cash, investments or property. However, any subsequent earnings on the inherited assets are taxable, unless it comes from a tax-free source.

 

Be aware that some states will impose an inheritance tax on assets you receive from a decedent’s estate. Check with your state’s taxing authority to determine whether you may owe tax or not.


 

New Member
Apr 18, 2023 10:18:17 AM

It came to me as a check, no form. Thank you