Inheritance Gifts

[esewald]

In 2020 my wife's grandfather passed away.  He left inheritance to my wife's mother and father, who in turn decided to provide both my wife any I a gift from this money of $15,000 each.  This came in the form of a personal check from my wife's mother and father to us.  I don't have any forms associated with this, do I need to declare the income somewhere on my 2020 return?  

[JotikaT2 · Accepted solution]

No.

This is considered a gift since it is no more than $15,000 per person.  It is considered tax-free and you have no reporting requirement on your income tax return.

Please see the attached link for more details.

Gifting

[macuser_22]

An inheritance of any amount is not taxable or reportable on a tax return of the receiver.