You'll need to sign in or create an account to connect with an expert.
generally cash received out of the decedent's estate as inheritance is not a taxable item -- you do not need to report anything. A K-1 is issued only when the Estate has income on which taxes are to be paid by the inheritors or similar pass through situations.
generally cash received out of the decedent's estate as inheritance is not a taxable item -- you do not need to report anything. A K-1 is issued only when the Estate has income on which taxes are to be paid by the inheritors or similar pass through situations.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Zion_Bradford
New Member
Taxi_Nerd
Level 2
fantasyquill
New Member
erin-anthony-05
New Member
sandriver8
New Member