Inheritance

[Mitch29]

What should I do with a small inheritance of $50k?

[R-SchuleCPA]

Unfortunately, Turbo Tax does not give investment advice.  But whatever direction you chose, please remember, interest, dividends and capital gains will be taxable in the year earned or sold.

[fanfare]

Take Jeff Bezos' advice : put the money into an emergency cash account at your bank.

@Mitch29 

[Mitch29]

Thanks. If I keep it as a cash account, is it taxed as income? Or at a different rate?

[fanfare]

your inheritance is not taxed unless it came from a tax-deferred account such as an IRA.

I should have said savings account, not cash checking account.

you will get some interest with a savings account.

@Mitch29