Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Intuit
,Created with Sketch.983 helpful votes

What's the tax difference between a gift and an inheritance?

With a gift, the giver (not the receiver) is responsible for reporting it on their taxes, but only if the gift's value exceeds $15,000.

With an inheritance, the recipient may be responsible for reporting a portion of the inheritance. Usually, the inheritance itself isn’t taxable but any income produced as a result of the inheritance is for federal tax purposes. Some states have an inheritance tax. Refer to your state’s department of revenue to see what the requirements are for filing inheritance tax.

Was this helpful?

You must sign in to vote, reply, or post
Intuit TurboTax - Finish filing and get your maximum refund, guaranteed.

Ready to Try TurboTax?

Returning? Sign in