TurboTax FAQ
TurboTax FAQ
23 people found this useful

What's the tax difference between a gift and an inheritance?

With a gift, the giver (not the receiver) is responsible for reporting it on their taxes, but only if the gift's value exceeds $14,000.

With an inheritance, the receiver is responsible for reporting the inheritance. Usually, the inheritance itself isn't taxable but any income produced as a result of the inheritance is.