INHERITANCE

8 replies
64 views

Hi my father passed 3 years ago and i received a cashiers check from my aunt who was the person taking care of the estate.I have not received any forms(k-1) from her.How should I proceed

DoninGA

Level 15

A cash inheritance is not reported on a tax return.

CRTEMPLEAuthor

Level 2

even though it was a cashiers check?I was told I would get a K-1 from her but ive received nothing?

pk_

Level 15

@CRTEMPLE , agreeing with the response from my esteemed colleague @DoninGA , just wanted to make sure that this inheritance / gift amount is not from a Foreign person / estate/trust--- ( in which case and depending on the amount of "check" there may be requirement to file a form 3520).

CRTEMPLEAuthor

Level 2

Brother and I and sister are listed on the trust form [when my father passed. His shares got divided among us kids and we each got a cashier's check in our names) The money was distributed to my aunt who then put it in her account then sent us kids a cashier's check. Each getting around $50.000.I'm not sure how or if I need to claim it (with no forms) I live in Delaware but the check came from California from her personal bank so I don't want to get in trouble with the IRS.Should I claim it under misc. cash(even if I never received a K-1? )

pk_

Level 15

@CRTEMPLE as @DoninGA mentioned if the decedent was a US person ( citizen/GreenCard/Resident for Tax purposes ) ,then there is no reporting needed -- inheritance is not taxable income to the inheritor.

Does this make sense ?