my father recently passed away and I would like to know if I have to show all monies received on my tax return

Answer 1

all what monies received? His income? Your inheritance? What? If his estate was under $2,000,000 there would be no federal estate tax to be paid. I don't know what state your father lived in, so can't tell you regarding state estate tax, if any.

PS, sorry about the loss of your dad.

Answer 2

Any Estate Taxes will be paid by your father's estate.

There is no Federal inheritance tax so you will not pay any tax at the Federal level. However if part of what you inherit is a traditional IRA then any distributions that you take from it will be fully taxed since they were not taxed previously.

Some states still have inheritance taxes. Normally those are paid by the estate on your behalf. You'll have to check with the executor of your Dad's estate on that issue as well as your state's tax authorities.

Answer 3

Income tax and hereditary tax are very different in what you would be responsible for.
Money from your father's death will allow for either a set amount or a percentage that is tax free; and unless you received cash that no one knows about, claim all. Otherwise, you will end up paying more because of penalties & fines, plus IRS will be in your life.

Answer 4

consider it a gift up to $10,000. If you don't tell, I won't tell. Actually, if he had a will, up to about $400000 is exempt.