Is an inheritance received reportable income?

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The federal government does not have an inheritance tax (but certain states do impose an inheritance tax...see below). However, if you earn money from your inheritance then you would have to report that income on your tax return. If, you inherited a house and rent it out then you would report the rent as income or if you inherited money and you deposited the money into an interest bearing account then you would have to report the interest earned. For more information take a look at the video below:

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