Where on Turbo Tax State do I report an inheritance?

[stacymya]

Inheritance is taxed in my state...MD.

[MayaD]

Can you clarify what kind of inheritance are you referring to?

[stacymya]

The death of a relative who left me money.

[JamesG1]

Are you asking about the Maryland Inheritance Tax?

The inheritance tax is imposed on the clear value of property that passes from a decedent to some beneficiaries. The tax is levied on property that passes under a will, the intestate laws of succession, and property that passes under a trust, deed, joint ownership, or otherwise. For more information, visit the Office of the Register of Wills

The Maryland Inheritance Tax applies to all beneficiaries unless they have a specific exemption from the tax. A decedent's spouse, child, stepchild, grandchild, step-grandchild, parent, grandparent or sibling are exempt from paying Maryland Inheritance Tax.

The duly appointed personal representative of the decedent's estate must file the Maryland estate tax Form MET-1.  See forms here.

Inheritances are not considered income for federal tax purposes, whether you inherit cash, investments or property. However, any subsequent earnings on the inherited assets are taxable, unless it comes from a tax-free source.  See also here.

Or are you asking about something else?

@stacymya 

[DaphneL]

I was beneficiary on Dad's CD's

[ThomasM125]

You would only need to enter interest earned on the CD's from the date you took ownership of them on your tax return. The interest should be reported to you on a Form 1099-INT issued by the bank. You enter that in the Wages and Income section of TurboTax, then Interest and Dividends, then Interest on 1099-INT. Interest earned before the date of death should be reported on a Form 1099-INT under the name and social security number of the deceased, or the deceased estate if one had been created. That interest would be reported either on the final return of the deceased or the deceased estate return in the year or years after the year of death. 

[bbb7]

I inheritance half of a house

[JotikaT2]

No, when you inherit a house, you typically will not pay any tax on it unless you sell the home.  

Your basis in the property is the fair market value on the date of the decedent's death. Please keep this in mind if/when you sell the property.

Please see this reference for additional information. 

@bbb7