Inherited items

Dctrim01 — Wed, 30 Oct 2024 20:01:59 GMT

Hello! I recently inherited my father's deferred comp, banks accounts and proceeds from the sale of his house. How would this affect me tax wise? I did pay taxes on the little bit of money I took out from the deferred comp. I also put some into a Roth IRA and a Traditional IRA. the remaining funds I left in the beneficiary Roth.

Re: Inherited items

AmitaR — Wed, 30 Oct 2024 20:25:55 GMT

Hello Dctrim01,

Inheritance is not taxable except some of the retirement accounts like deferred compensation.

As for the house, you will need to report the sale with your basis as the Fair Market Value on the date of death or the Alternate Valuation Date.

Regular bank accounts will just be the inheritance that is not taxable.

Thanks for participating in TurboTax's Ask the Expert event today. I hope this information was helpful!

Have an amazing day.

AR (CPA 10+ years)

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Inherited items

Re: Inherited items