Our children received $60,000. from his uncle that passed. We divided the money with his 2 siblings. We each received $20.000. what do we report
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Barrdd
New Member

Our children received $60,000. from his uncle that passed. We divided the money with his 2 siblings. We each received $20.000. what do we report

My husband's deceased uncle.  We live in PA.  How and where to report.  The Uncle was from WA.
1 Reply
MinhT
Expert Alumni

Our children received $60,000. from his uncle that passed. We divided the money with his 2 siblings. We each received $20.000. what do we report

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

However, any interest earned on the inherited cash is taxable and has to be reported.

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