I inherited $30k from my brother's IRA.I have $17k in expenses from credit cards, ambulance, med and atty fees.Can I deduct any of these as I paid them out of the $30k?
My brother passed away unexpectedly and I inherited approximately $30000 from his retirement plan. I have approximately $17000 in expenses, including unpaid credit cards, ambulance fees, insurance co-pays and attorney fees. Am I able to deduct any of these since I paid them out of the $30000 inheritance? Thanks!
No, these are personal bills that you are using funds from inheritance to pay. There is not deduction except for the medical bills which could potentially be an itemized deduction if you have expenses over 7.5% of your gross income.
