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Do i need to report inheritance income

1 Reply
Level 15

Do i need to report inheritance income

Only if you receive a tax reporting document for it. Generally, an inheritance received by the beneficiary recipient from the deceased or their estate is not taxable or reportable on any tax return. However, any earnings that have accumulated on that inheritance since the passing of the deceased, are taxable to the beneficiary recipient.

Additionally, if there's an IRA or 401(k) involved, then you can expect to pay taxes on it, depending on how you as the beneficiary recipient handle it.

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