356052
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

jmrr0270
New Member

Last year a friend died and I was part of his trust.. He left me money - That I received-got last year.. I have to pay taxes on this money I got??

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Last year a friend died and I was part of his trust.. He left me money - That I received-got last year.. I have to pay taxes on this money I got??

If you just received cash, there will be no tax on your inheritance.

If you inherit something other than cash (i.e. investments, rental property, etc.) you will pay tax on any income that you receive from those income producing items that you inherited.

Please take a look at the following information:

https://ttlc.intuit.com/replies/3300476


View solution in original post

1 Reply

Last year a friend died and I was part of his trust.. He left me money - That I received-got last year.. I have to pay taxes on this money I got??

If you just received cash, there will be no tax on your inheritance.

If you inherit something other than cash (i.e. investments, rental property, etc.) you will pay tax on any income that you receive from those income producing items that you inherited.

Please take a look at the following information:

https://ttlc.intuit.com/replies/3300476


Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question