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Get your taxes done using TurboTax
@dimi1119 @al_phillips = let's go back a little bit
1) as long as the estate was below $12 million, there is no inheritance tax.
2) there are gift tax reporting requirements (inheritance is not a gift) if the gift exceeds $15,000, but that filing requirement is on the gifter not on the recipient.
If you receive $25,000 as a gift from a living family member, you have no reporting requirment to the IRS. IT is not income to you. The family member would be required to fill out a gift reporting form but that is their responsibility - not yours
do not confuse money received as an inheritance vs. money received as a gift from a living indiviudal - rules are totally different.
May 13, 2022
2:31 PM
6,281 Views