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brindlecoat
New Member

My son died at 46 years of age in January 2016. I received money from his checking account in 2017. Do I claim that on my 2017 tax?

 
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Coleen3
Intuit Alumni

My son died at 46 years of age in January 2016. I received money from his checking account in 2017. Do I claim that on my 2017 tax?

I'm sorry for your loss. 

No, when cash transfers to an heir, it is not taxable. If it were stocks or a home that would have to be sold to realize a profit, then it would be taxable.

Only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax

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Coleen3
Intuit Alumni

My son died at 46 years of age in January 2016. I received money from his checking account in 2017. Do I claim that on my 2017 tax?

I'm sorry for your loss. 

No, when cash transfers to an heir, it is not taxable. If it were stocks or a home that would have to be sold to realize a profit, then it would be taxable.

Only a handful of states (Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania) have some kind of inheritance tax. Refer to your state's Department of Revenue to see what the requirements are for filing inheritance tax

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