Other financial discussions

2) Generally speaking, money received as a gift is non-taxable in the USA.

 

1) Generally, inherited property is also non-taxable.  However, selling inherited property might be taxable.  When the property is sold, you have the selling price less the basis in the property.  If the property is sold at a gain, the gain is taxed at either long or short-term gain, depending on the holding period of the property.  What you need to determine is what the selling price was and the basis in the property.

 

You say the inherited property (from parents), is money.  I guess I'm uncertain as to what that means.  Did you inherit money from one of your parents, did you inherit property from one of your parents and then the property was sold; or, did your parents inherit property, sell it, and give you some of the proceeds?  What actually happened makes a difference.

 

3)  Money you sent to family, was that a family loan and they are now repaying you?  If that is the case, repayment of the loan is not taxable.  However, any interest earned/charged etc., is taxable.

 

Link to some taxable v. non-taxable items

 

https://www.irs.gov/pub/irs-pdf/p525.pdf

 

 

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**