2007-02-01 08:02:01 · 5 answers · asked by sweetdebbiefrommt195269 1 in Business & Finance ➔ Taxes ➔ United States
i got 3,000 dollars so is it taxable or not
2007-02-01 08:31:09 · update #1
Probably not--unless it is an item that has Income in Respect to a Decedent attached to it.
For example, if it was a tax-deferred retirement plan, and you received the plan, you may have to pay tax on that.
If you received cash, there is probably no income taxes to pay.
You might consider posting again to specify what exactly you received.
2007-02-01 08:27:12 · answer #1 · answered by Take Responsibility 2 · 0⤊ 0⤋
No the proceeds of an inheritance is not taxable. PROCEED means the amount that you get after the tax man got his.
2007-02-01 08:11:35 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
The money you mom left with is part of her estate. So depending on the amount of money you may have to file estate tax return
2007-02-01 08:09:55 · answer #3 · answered by onlinetaxsiteswatch 2 · 0⤊ 0⤋
No. Any taxes on the inheritance is assessed on the estate, so it would have been taxed before you received it.
2007-02-01 08:05:43 · answer #4 · answered by jseah114 6 · 0⤊ 0⤋
yes, you have to report it to the IRS....
2007-02-01 08:09:24 · answer #5 · answered by zdonz 3 · 0⤊ 0⤋