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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33727
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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I am due to received $205,000 before 12/31/2015, as an

Customer Question

I am due to received $205,000 before 12/31/2015, as an inheritance from my grandfather. Is there anything I can do to not have to declare it as income for this year of 2015. It is coming from an escrow. Can I instruct the escrow company to transfer this money to a retirement account or a trust?
Submitted: 11 months ago.
Category: Estate Law
Expert:  Barrister replied 11 months ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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An inheritance is not considered income by the IRS. It is a tax free gift from the deceased to the beneficiary. So there would be no income taxes due on the inheritance and there is no reporting requirement to the IRS on your taxes...

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thanks

Barrister

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