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Inheritance

Tdem — Tue, 10 Mar 2026 06:54:08 GMT

Received a cash inheritance in illinois Do i need to put that on tax return and pay taxes?

Re: Inheritance

Anonymous_ — Wed, 16 Nov 2022 19:48:23 GMT

An inheritance is not typically taxable (unless a retirement account is involved) so there is no need to report the inheritance on your individual income tax return.

You can always check with the executor or trustee for confirmation.

Re: Inheritance

Tdem — Wed, 16 Nov 2022 20:03:58 GMT

Thank you

what if the money is in a money market account or stocks are inherited as part of a trust

Re: Inheritance

Anonymous_ — Wed, 16 Nov 2022 20:06:59 GMT

Again, check with the trustee or executor (as the case may be).

However, cash and stock as an inheritance would not be taxable to you.