turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is money released to me from the death of a relative taxable income?

My uncle passed away after spending 4 years in a nursing home.   When he first went in, I got power of attorney which I held until his passing in November of 2024.   In 2025, I went to his bank and informed them of his death.   He had about $2200 in his checking account.   I told them I didn’t know what to do about his account or what would happen to this money.   My intent was not to acquire the money but the folks at the bank indicated that since my uncle was never married and never had children, the money could be turned over to me provided I could produce the death certificate and the final funeral bill.  Having had POA, I had both of these documents and subsequently the bank released the money to me and closed his account.  Do I have to claim this as income on my 2025 Federal taxes?   Or as income on my Pennsylvania State return?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Is money released to me from the death of a relative taxable income?

Cash received as an inheritance is not reported on a tax return.

View solution in original post

1 Reply

Is money released to me from the death of a relative taxable income?

Cash received as an inheritance is not reported on a tax return.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question