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Level 1
April 13, 2022
Question

Claiming inheritance money?

  • April 13, 2022
  • 1 reply
  • 1 view
My wife received inheritance money and we were told by an accountant to add to our income.

1 reply

Level 15
April 13, 2022

Inherited money is not taxable and is not reported on your tax return.

 

Income derived from the inheritance is taxable, such as interest. Distributions from inherited retirement plans are taxable.

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Alumni - Champ
April 13, 2022

Did she receive a 1099-R or a K-1?