☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 3, 2019 1:47:59 PM

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??

0 1 290
1 Best answer
New Member
Jun 3, 2019 1:48:01 PM

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


1 Replies
New Member
Jun 3, 2019 1:48:01 PM

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