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Get your taxes done using TurboTax
No, you have to report your income in the year that you receive it. Years ago, there was a tax calculation called Income Averaging, but that is no longer an option.
But if you inherited property you don't pay tax on that. For instance, if you inherited a home because a relative died and left it to you in 2017, you don't report tax on that. If you turn around and sell the house, you have to report the sale, but your cost basis in the property is the Fair Market Value on the date of death. So if you sold the house shortly after you inherited it, chances are you didn't have a taxable gain, or at least not much of one.
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‎June 4, 2019
6:50 PM
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