Inheritance Gifts

2 replies
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In 2020 my wife's grandfather passed away. He left inheritance to my wife's mother and father, who in turn decided to provide both my wife any I a gift from this money of $15,000 each. This came in the form of a personal check from my wife's mother and father to us. I don't have any forms associated with this, do I need to declare the income somewhere on my 2020 return?

JotikaT2Answer

Alumni - Expert

No.

This is considered a gift since it is no more than $15,000 per person. It is considered tax-free and you have no reporting requirement on your income tax return.

Please see the attached link for more details.

Gifting

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JotikaT2

Answer

Alumni - Expert

No.

This is considered a gift since it is no more than $15,000 per person. It is considered tax-free and you have no reporting requirement on your income tax return.

Please see the attached link for more details.

Gifting

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macuser_22

Alumni - Champ

An inheritance of any amount is not taxable or reportable on a tax return of the receiver.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**