2007-08-08 08:16:22 · 4 answers · asked by coup_plotter100 1 in Business & Finance ➔ Taxes ➔ United States
nope, not taxable to you, unless you live in Pennsylvania. There, the state taxes an inheritance.
2007-08-08 08:28:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm assuming from your question that this was in cash, not securities or an IRA or something else. You don't report it on your federal return - if there was any tax due, the estate will have paid it.
Depending on the state you live in, there might be some kind of state taxes due. Whoever was in charge of settling the estate probably handled that too, but check to be sure.
2007-08-08 08:24:38 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
Assuming that it is not from an IRA or 401k, it is not taxable and does not need to be reported on your 1040 at all.
2007-08-08 08:20:49 · answer #3 · answered by Wayne Z 7 · 4⤊ 0⤋
No, it is not taxable. You do not have to include it in your income tax return.
2007-08-08 08:31:21 · answer #4 · answered by magnolia 5 · 0⤊ 0⤋