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Tdem
Level 2
November 16, 2022
Question

Inheritance

  • November 16, 2022
  • 1 reply
  • 1 view

Received a cash inheritance in illinois   Do i need to put that on tax return and pay taxes?

    1 reply

    A
    Anonymous_
    Level 15
    November 16, 2022

    An inheritance is not typically taxable (unless a retirement account is involved) so there is no need to report the inheritance on your individual income tax return.

     

    You can always check with the executor or trustee for confirmation.

    T
    TdemAuthor
    Level 2
    November 16, 2022

    Thank you 

    what if the money is in a money market account or stocks are inherited as part of a trust 

    A
    Anonymous_
    Level 15
    November 16, 2022

    Again, check with the trustee or executor (as the case may be).

     

    However, cash and stock as an inheritance would not be taxable to you.

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