750155
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is money inherited from my grandmother's estate taxable?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
TomK
Expert Alumni

Is money inherited from my grandmother's estate taxable?

Generally, inherited property (including cash, stocks, and real estate) is not taxable or reportable on a personal1040 federal return.

However, any income earned from an inheritance such as interest, dividends, rent) or capital gains will be taxable on a federal return.

An inheritance will be taxable if you inherit an IRA, 401(k) or other retirement account (distributions out of them are taxable) . That would be considered "income in respect of a decedent" which is earned by a deceased person prior to death. Because it was paid after death the income is taxable to the recipient in the year paid.

Alulian1
New Member

Is money inherited from my grandmother's estate taxable?

Where would I report this income on my 1040?

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question