What year do I need to list the inheritance money?
If I received an inheritance check in 2016, and subsequently lost it in 2016, had it reissued and cashed in 2017, will that go on 2017 taxes or 2016 taxes?
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1 Replies
CherylW
Level 3
Jun 4, 2019 2:53:47 PM
Neither. Inheritances are not federally income taxable, because that income has already been taxed when earned.
See this link for what may be (possibly) state implications. The check (if it's taxable) is considered to have been received in 2017.