You'll need to sign in or create an account to connect with an expert.
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?
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.
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.
It came to me as a check, no form. Thank you
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
chrismtrezza
Returning Member
fcbdc
Returning Member
mjsamoht
Level 1
erlee88
Returning Member
rsiok3
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.