Do I have to file a tax return if i only had inheritance income?

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Do I have to file a tax return if i only had inheritance income?

2007-02-12 09:20:52 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes

3 answers

Receiving an inheritance in itself isn't a taxable event. However, if the trust that was holding the inheritance before it was distributed earns income, then you'll be responsible for paying tax on your portion of the income that the trust generated. You may want to contact the executor of the estate and ask him if you'll be receiving a Form K-1 for 2006-that's the form that will be sent to the IRS that shows how much taxable income the estate may have generated.

2007-02-12 09:31:40 · answer #1 · answered by SuzeY 5 · 2⤊ 0⤋

if it comes to over 5K per year.

2007-02-12 17:24:47 · answer #2 · answered by stlb_2000 2 · 0⤊ 1⤋

I believe so.

2007-02-12 17:24:39 · answer #3 · answered by sellatieeat 6 · 0⤊ 1⤋