Skip to main content
Level 2
Apr 14, 2022 2:30 PM UTC
Solved

Inheritance

I already filed both state and federal. I did not include and inheritance. Is this something I should ammend?

Level 15
Apr 14, 2022 3:10 PM UTC

Cash does not need to be reported on your tax return, but there is one exception. If the cash was due to the sale of an inherited property, you may need to report your share of that sale. 


If the property you inherited was sold and then the cash from the sale distributed to you, then you should have received a tax reporting statement. 

 

Contact the administrator or whoever was responsible for distributing the cash. 

10 replies

Level 15
Apr 14, 2022 2:34 PM UTC

An inheritance is not ordinarily taxable to you, individually, unless it was some type of retirement account.

 

Did you receive a tax reporting statement, such as a K-1?

Level 2
Apr 14, 2022 2:40 PM UTC

No K1. I received an inheritance from my Aunt and I'm being told that I should have reported it

Other beneficiaries said they did 

 

 

 

 

 

 

Level 15
Apr 14, 2022 2:47 PM UTC

What, exactly, did you and the other beneficiaries receive? 

 

If it happened to be property, did you sell it?