Do I need to report a gift or inheritance or money from a trust fund? If so, how do I do this?

[RichardG · Accepted solution]

Generally speaking, an inheritance or gift is not taxable income.  However, you may be required to report a share of the trust's or estate's income on your tax return.  Only the trustee or executor of the estate will know for sure, so you should contact that person.

If you do have taxable income from the distribution, you will receive a Form K-1  at some point.  When you receive that form, report the information in TurboTax under the heading Business Items, Schedule K-1.