Do I need to FILE a cash inheritance?

[2468AGM]

I received a cash inheritance in 2024 and immediately invested it, so it generated some interest which I received 1099INT's for and am currently filing on TurboTax now in 2025. BUT at no time was I asked to provide a $ amount or where the inheritance came from in order to determine whether or not it is taxable. Do I really just not report it at all and risk an audit in the future? How about a worksheet to report it and prove it's not taxable instead of leaving it to chance? My portion of the inheritance is only a fraction of the total, split among siblings, from the sale of the home of a deceased parent. The house was in a trust with the oldest sibling named Executor (not me) so I had no control over the sale of the house, the distributions from the proceeds, or the filing of the taxes for the estate, and have no reliable way of knowing if the correct forms are being filed or sent by the Executor. So, once again, should I just not even REPORT my portion?

[DawnC · Accepted solution]

No, you do not need to report a cash inheritance.   You do need to report the interest income though.   Also, if you received a 1099-S or received income from selling a home, that needs to be reported.    Any income you received from the sale of the home that was in excess of your portion of the basis is taxable.  

[2468AGM]

All I received was was a cashiers check for my portion of the inheritance. I did not, & most likely will not receive a 1099s or any other kind of paperwork proving that the Executor filed the taxes for the estate correctly.  By my own estimation, using the public records off of Zillow, there should be no capital gains off of the sale of the deceased parents house, so no tax due, but like I said, I have no way of knowing if the Executor will file the taxes for the estate correctly & he refuses to be forthcoming with any related information. I am on my own. So all that I can reliably report is the amount sent by check to me & from what it sounds like I don't even need to report it, just file the amounts on the 1099INT's with no mention of the inheritance amount that interest came from? 

[IsabellaG · Accepted solution]

Yes, that's correct. Inheritances aren't taxable, and you don't need to report them.