Inheritance

[Tdem]

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

[Anonymous_]

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.

[Tdem]

Thank you 

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

[Anonymous_]

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.