@carriep1978 An inheritance is assets one might receive from someone when they pass away. It can include such things as:
-
Cash
-
investment assets such as stocks or bonds
-
Real property, including land and real estate
-
items such as jewelry, furniture, collectibles, and family heirlooms
Inheritances are not considered income for federal tax purposes, whether you inherit cash, investments or property. However, any subsequent earnings on the inherited assets are taxable, unless it comes from a tax-free source.
So, unless there was additional interest earned after your mother passed away, that was distributed to you, you don't need to do anything tax wise.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
