Just wondering if an inheritance check has to be reported to the IRS?
2007-09-23 12:59:35 · 2 answers · asked by redluski@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States
You don't have to report an inheritance that you received to the IRS, but if the total value of the estate is over $2,000,000, the estate has to file a return and probably pay estate tax. That will all happen before you get your distribution.
Depending on what state you live in, you might have to pay a state inheritance tax
2007-09-23 13:04:33 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Generally, inheritances are not taxed as income.
There is one exception. If the money was from a deductible IRA or 401k then it is considered income to you and you would received a 1099 at the end of the year.
2007-09-23 22:25:36 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋