Unclaimed FUndsve a

[KevinM53]

I received a check for $12,230 from Washington State Department of Revenue from Unclaimed funds related to my mother who was deceased in 2016.  I checked with the State and they said they do not have any tax form that they will be sending me.  Is this money I have to report as other income and pay taxes on or is it non-taxed Inheritance money?

[JotikaT2]

It depends.

If you are a resident of Washington state, there are no state income taxes and therefore, you would not be required to pay any taxes on the income.

However, depending upon the type of unclaimed funds distributed to you, you may have to report any earnings received from the unclaimed funds on your federal income tax return.  

For example, if the unclaimed funds were from a savings account, you might need to report interest income.  If the money was from stocks and you subsequently sold those stocks, you would have to report capital gains.  

Please see do I need to report a cash inheritance for additional information.