Phillip1
New Member

Get your taxes done using TurboTax

It depends on the source of the 5,000 dollars.

If this came from cash in your father's bank account, there is no tax consequence from the receipt of this money. However, if there was a taxable event before the receipt of this money (like the sale of inherited capital assets, or if you inherited a retirement account which you then liquidated) you may have to report this on your tax return.

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