2007-02-20 13:50:07 · 5 answers · asked by Tom C 1 in Business & Finance ➔ Taxes ➔ United States
No, you definately do NOT.
2007-02-20 13:53:49 · answer #1 · answered by miketorse 5 · 0⤊ 0⤋
An inheritance isn't taxable, although your share of any income made from the assets of the estate since the date of the person's death would be taxable to you. If there's anything like that, you should get paperwork from the executor of the estate.
2007-02-20 22:26:22 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
no - inheritances are not taxable to the recipient. The estate pays the taxes with its final return.
2007-02-20 22:10:19 · answer #3 · answered by Dizney 5 · 1⤊ 0⤋
I would look on the IRS web site. I know that if it is proceeds from life insurance, it is free and clear, but just a cash gift I don't know about.
2007-02-20 21:55:48 · answer #4 · answered by Blitzpup 5 · 0⤊ 2⤋
No. You don't even recognize it on the 1040 unless you inherit over 3,000,000.
2007-02-20 21:57:37 · answer #5 · answered by prefrbly internet based 1 · 0⤊ 3⤋