Inheritance

[ggillotti]

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

[Anonymous_]

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?

[ggillotti]

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 

[Anonymous_]

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

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

[JulieS]

What type of inheritance did you receive? Cash, real estate, retirement accounts?

[ggillotti]

Cash

[Anonymous_]

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@ggillotti  wrote:

Cash

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Who told you to report it (an inheritance, again, is not ordinarily subject to federal income tax)? 

You might want to contact the administrator (executor) of the estate.

[JulieS]

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. 

[ggillotti]

Thank you for replying

[Anonymous_ · Accepted solution]

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. 

[ggillotti]

Thank you