Level 2

Question

Is inheritance money counted as income by the IRS?

Forum|Forum|6 years ago
July 23, 2020
8 replies
42 views

Can somebody tell me as inheritance money is report it to the IRS?

ProSeries Basic

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

Depends on what you inherited.

You'll have to hit Google up for some specifics.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

S

skyking535

Level 2

He/she said MONEY!

Just-Lisa-Now-

Intuit Community Champion

Was it money from a retirement account? Money from stock sales? Money in a savings account?

Not all "money" is treated the same for tax purposes.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

dd4vols

Intuit Community Champion

just put all of the 'money' in a Kroger sack and send to closest IRS office.... just to be safe, you know..since you don't know....

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DaveS

Level 2

Money inherited by a beneficiary is not counted as income. However, if they receive a K-1 from a 1041 there maybe : interest income, dividends, capital gains, and other income to be reported on their 1040.

IRonMaN

Level 15

Um, if that money came from an IRA, I’m pretty sure someone is going to owe some tax money on that inherited money. But If all of that inherited money was sitting in a Kroger bag in the dearly departed’s freezer, I’m pretty sure that freezer money is going to be free money.

Slava Ukraini!

oakhillsal

Level 4

Gee, all I heard was a "beep beep" before the anvil hit me.....

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