JulieS
Expert Alumni

Get your taxes done using TurboTax

No, you don't have to report the amount as income unless it was in a tax-deferred account like an IRA. 

 

If that were the case you would receive a 1099-R letting you know how much income is taxable. A regular joint bank account is not a tax-deferred account.

 

You can receive up to $12.06 million in 2022, without having to pay estate tax, although some times there is an estate or trust to settle a deceased person's affairs.

 

The majority of inheritances are not taxed and not reported on your tax return. Here are some examples of things you don't have to report:

  • Cash.
  • Life insurance.
  • Personal items like furniture, clothing and jewelry.


Here are some things you only report if you sell them:

 

  • Inherited stock.
  • Inherited real estate.
  • Personal items like furniture, clothing and jewelry.
  • Collectibles like artwork, coins or baseball cards.
  • Vehicles.


Here are some things that must be reported on your tax return:

 

  • Inherited retirement accounts (distributions are taxable when taken).
  • Social Security death benefits.
  • Pension death benefits.
     

I am very sorry for your loss. If you need additional help with this matter, please reach out to us again. 

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