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We had an inheritance of roghly $300K in 2016, does this need to be filed on our taxes as it is under the threshold?

You are confusing Inheritance tax (paid by the Estate) and Income tax (paid by you, the beneficiary). Income in respect of a decedent (IRD) is money (such as a retirement plan) was due to the deceased person, and passesl pass through to the recipient. The recipient (beneficiary) must declare the money as income in respect of a decedent (IRD) for any year in which income is received. It that sense, it is different than other inherited assets, such as a house, car, personal property, etc. https://taxmap.ntis.gov/taxmap/pubs/p559-004.htm

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