I was the benificiary on an account of someone who passed this year, do I need to report it??

carriero58 · ‎June 3, 2019

The account was under 12,000 dollars

MinhT · ‎June 3, 2019

An inheritance is not considered as income and is not taxable. You do not have report it on your tax return.

However, any income derived by you from that inheritance (e.g. interest) is taxable and must be reported.

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MinhT · ‎June 3, 2019

An inheritance is not considered as income and is not taxable. You do not have report it on your tax return.

However, any income derived by you from that inheritance (e.g. interest) is taxable and must be reported.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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