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meppster10
New Member

Do I report lump sum payments that I inherited after my mother passed?

 
1 Reply
CarolynM
Level 1

Do I report lump sum payments that I inherited after my mother passed?

No, inheritance is not taxable income.

If you receive an annuity or life insurance proceeds, you would have received a 1099-R form that would be reported on your tax return.

For more information, follow this link: What is Taxable Income

I am sorry for your loss. 

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