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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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Do I have to declare inheritance money as income if ...

Customer Question

Do I have to declare inheritance money as income if the taxes on the inheritance was paid from the estate?
Submitted: 10 years ago.
Category: Tax
Expert:  Lev replied 10 years ago.
Inheritance is not taxable income. You don't need to report it to IRS. However if part of the inheritance was tax deferred accounts (401K, IRA etc) you may owe taxes.

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