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
    posted
    ‎June 6, 2019 1:45 AM
    last updated ‎June 06, 2019 1:45 AM

    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.
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    MinhT
    Level 6
    Level 6
    ‎June 6, 2019 1:46 AM

    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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