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Bugaboo2
New Member

Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

 
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Mike9241
Level 15

Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

sis made a gift and needs to file a gift tax return. you are not taxed on the gift so there is nothing to report in your income tax return. 

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5 Replies
fanfare
Level 15

Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

you don't report an inheritance on your federal tax return unless it is from a tax-deferred account and the tax was not already paid.

@Bugaboo2 

Mike9241
Level 15

Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

sis made a gift and needs to file a gift tax return. you are not taxed on the gift so there is nothing to report in your income tax return. 

xmasbaby0
Level 15

Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

 

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Bugaboo2
New Member

Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

Thank you for your help!

Bugaboo2
New Member

Family member received an inheritance and shared it with her siblings. How do I record the receipt of $88,630? I was not included in the estate along with my brother, but my sister in a spirit of fair play split it up.

Thank you so much for your help!!

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