Hi, @robbrewer12 , thanks for the question! To answer, generally speaking, inheritances are not taxable. However, are you saying that you received a 1099 form in your name and Social Security number?
Hope this helps, please let me know if this raises additional questions!
There is no federal inheritance tax in the U.S., and only six states — Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania — actually impose a state-level inheritance tax.
What type of inheritance did you receive?
The inheritance is in my fathers estate and my sister will distribute it to me mid September 2023. Dose she send me a tax form like a 1099 or do I just don’t say anything on my tax return?
Based on that information, she would not issue a 1099, and you would not need to report this on your personal tax return. Hope this helps!
@robbrewer12 wrote:
The inheritance is in my fathers estate and my sister will distribute it to me mid September 2023. Dose she send me a tax form like a 1099 or do I just don’t say anything on my tax return?
If this is a cash inheritance then it is not reported on a federal tax return and you do not receive a federal tax form for the inheritance.