You'll need to sign in or create an account to connect with an expert.
You do not. Any tax that would be due on an inheritance is called an estate tax and would be paid from the estate by the executor/executrix. You may have state estate tax to pay as an inheritor but that is beyond the scope of TurboTax.
I received my deceased mother's portion........
Did you receive a tax reporting statement, such as a K-1 (1041)?
It is likely that the funds you received are not taxable if the sale of your grandparents' home resulted in no gain (or even a loss). You would need to ask the fiduciary of the estate (the person responsible for settling the estate and preparing any income tax returns due) for clarification.
@Anonymous_ is correct. You will probably receive a Form 1041 Schedule K-1 showing your share of the home sale.
The estate income tax return (Form 1041) does not have to be filed until April 18. If you know who is handling the estate, you can ask them whether they will be filing Form 1041 so you can expect it.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ec135h
New Member
nesutch
Level 2
user17727383825
New Member
gwbaker3
New Member
CompleteNoob
Level 1