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Deductions & credits
Yes, you will have to report the K-1 on your tax return as @ColeenD3 posted this is an inheritance, not a gift. The estate is required to report all distribution on Form K-1 even those where the intent for the distribution was to be a gift. This should not impact your tax return as inheritances are generally not taxable.
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March 9, 2022
12:22 PM