QUESTION
I received $20000 as my portion of inheritance from my father's estate do I have to list this on my federal return?
Asked on Jan 28th, 2013 on Taxation - Colorado
9 ANSWERS
It all depends on what type of income it was and the source of the income. Your question can not be answered until you provide more detail.
Answered on Jan 31st, 2013 at 7:14 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Inheritance is not subject to income tax.
Answered on Jan 30th, 2013 at 10:23 PM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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Inheritances are not income and do not get reported on your federal or state income tax returns UNLESS the amount received includes Income in Respect of a Decedent. (See Sec. 691 of the Internal Revenue Code). You will need some professional guidance if you think your inheritance includes this. Normally, IRD would come from an account such as an IRA.
Answered on Jan 30th, 2013 at 10:13 PM
Appellate Practice Attorney serving Cheyenne, WY
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Lynn Boak Attorney at Law
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Inheritances are generally not taxable to the recipient. However, if any of that money is income on the amount you inherited since the death of your father (and this is a complex area that you may need to consult a lawyer or tax professional about) it is taxable either to you or to the estate. You may be responsible for capital gains, or you may be entitled to a stepped up basis. There are numerous factors involved that you will almost certainly need to explain to a tax professional.
Answered on Jan 30th, 2013 at 8:36 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally an inheritance is a gift, not income, and not taxable as income to the beneficiary.
Answered on Jan 30th, 2013 at 8:00 PM
An inheritance is not taxable income. It need not be reported. For certain purposes, such as the Michigan homestead exemption credit, the inheritance might be a factor.
Answered on Jan 30th, 2013 at 7:13 PM
No, an inheritance is not taxable for federal income tax purposes, and you need not report it on form 1040.
Answered on Jan 30th, 2013 at 6:52 PM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Inheritance is not taxable. If a Fiduciary Income tax return was required to be done you should get a K-1 which will list whatever portion was taxable.
Answered on Jan 30th, 2013 at 6:45 PM
No. Any income paid to you from the estate will be listed on a K-1 that you are supposed to received from the estate.
Answered on Jan 30th, 2013 at 6:44 PM