topic Re: Inheritance in Get your taxes done using TurboTax

Inheritance

Mitch29 — Tue, 10 Mar 2026 06:50:47 GMT

What should I do with a small inheritance of $50k?

Re: Inheritance

R-SchuleCPA — Wed, 16 Nov 2022 21:11:52 GMT

Unfortunately, Turbo Tax does not give investment advice. But whatever direction you chose, please remember, interest, dividends and capital gains will be taxable in the year earned or sold.

Re: Inheritance

fanfare — Wed, 16 Nov 2022 21:18:04 GMT

Take Jeff Bezos' advice : put the money into an emergency cash account at your bank.

@Mitch29

Re: Inheritance

Mitch29 — Thu, 17 Nov 2022 01:37:04 GMT

Thanks. If I keep it as a cash account, is it taxed as income? Or at a different rate?

Re: Inheritance

fanfare — Fri, 18 Nov 2022 03:44:55 GMT

your inheritance is not taxed unless it came from a tax-deferred account such as an IRA.

I should have said savings account, not cash checking account.

you will get some interest with a savings account.

@Mitch29