- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
We had an inheritance of roughly $300K in 2016, does this need to be filed on our taxes as it is under the threshold?
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
We had an inheritance of roughly $300K in 2016, does this need to be filed on our taxes as it is under the threshold?
It depends how the inheritance is comprised. As a general rule, if it would have been taxable to the deceased, it is taxable to you. Example: gain on the sale of a house or sale of stock. If it was not taxable, it would not be taxable to you. Example: cash in a savings or checking account. However, the interest earned on that cash would be taxable.
See the link below for a more detailed explanation.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
We had an inheritance of roughly $300K in 2016, does this need to be filed on our taxes as it is under the threshold?
It depends how the inheritance is comprised. As a general rule, if it would have been taxable to the deceased, it is taxable to you. Example: gain on the sale of a house or sale of stock. If it was not taxable, it would not be taxable to you. Example: cash in a savings or checking account. However, the interest earned on that cash would be taxable.
See the link below for a more detailed explanation.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
We had an inheritance of roughly $300K in 2016, does this need to be filed on our taxes as it is under the threshold?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
We had an inheritance of roughly $300K in 2016, does this need to be filed on our taxes as it is under the threshold?
Still have questions?
Make a post