topic 2555s Interest Earned in Get your taxes done using TurboTax

2555s Interest Earned

gnabboud — Fri, 07 Jun 2019 22:24:07 GMT

I work overseas and currently filing form 2555. My wife lives with me and doesn't work. She recently inherited money, from her dad (overseas) who is not a US citizen (less than $100K).

1) Is the inherited money taxable?

2) She now earns interest on the inherited money. We file jointly. Can I file a separate 2555-S form to her to deduct the earned interest?

Thanks

1) Is the inherited money taxable? Cash inheritances fro...

Critter — Fri, 07 Jun 2019 22:24:09 GMT

1) Is the inherited money taxable? Cash inheritances from anywhere in any amount is not taxable.

2) She now earns interest on the inherited money. We file jointly. Can I file a separate 2555-S form to her to deduct the earned interest? The form 2555 is for Earned income only ... you cannot exclude interest income.