jtax
Level 10

Get your taxes done using TurboTax

You only need to pay income tax on the interest received.

Gifts are not taxable. Inheritances are gifts.

https://www.law.cornell.edu/uscode/text/26/102

26 U.S. Code § 102 - Gifts and inheritances

(a)General rule

Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post