topic My grandmother passed away, and the executor sold her home. After the sale of the home there was a cash distribution to me of 130,000 dollars. Do I need to claim this? in Deductions & credits

My grandmother passed away, and the executor sold her home. After the sale of the home there was a cash distribution to me of 130,000 dollars. Do I need to claim this?

jedartnell — Thu, 06 Jun 2019 09:47:22 GMT

You do not have to report an inheritance. At least, not o...

KenH1 — Thu, 06 Jun 2019 09:47:24 GMT

You do not have to report an inheritance. At least, not on your federal return. The IRS doesn't impose an inheritance tax.

Only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax.

Thank you!

jedartnell — Thu, 06 Jun 2019 09:47:24 GMT

Thank you!

You're welcome!

KenH1 — Thu, 06 Jun 2019 09:47:26 GMT

You're welcome!