topic Re: Inheritance Gifts in Get your taxes done using TurboTax

Inheritance Gifts

esewald — Sat, 20 Feb 2021 22:46:14 GMT

In 2020 my wife's grandfather passed away. He left inheritance to my wife's mother and father, who in turn decided to provide both my wife any I a gift from this money of $15,000 each. This came in the form of a personal check from my wife's mother and father to us. I don't have any forms associated with this, do I need to declare the income somewhere on my 2020 return?

Re: Inheritance Gifts

JotikaT2 — Sat, 20 Feb 2021 23:00:52 GMT

No.

This is considered a gift since it is no more than $15,000 per person. It is considered tax-free and you have no reporting requirement on your income tax return.

Please see the attached link for more details.

Gifting

Re: Inheritance Gifts

macuser_22 — Sat, 20 Feb 2021 23:06:06 GMT

An inheritance of any amount is not taxable or reportable on a tax return of the receiver.