I received a special bequest from a friend's will. Do I have to declare it as income on my taxes?
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1 Best answer
Critter
Level 15
Jun 6, 2019 5:59:09 AM
No, a cash inheritance is not income and is not entered on a tax return. If you had gotten part of their retirement account then that would be taxable.
2 Replies
SweetieJean
Level 15
Jun 6, 2019 5:59:07 AM
What kind of bequest exactly?
Critter
Level 15
Jun 6, 2019 5:59:09 AM
No, a cash inheritance is not income and is not entered on a tax return. If you had gotten part of their retirement account then that would be taxable.