How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16575
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
23669918
Type Your Tax Question Here...
Megan C is online now
A new question is answered every 9 seconds

How is money from a will tased?

This answer was rated:

How is money from a will tased?

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

An inheritance is not taxed, so if you received money from a will there is no tax on that money

Customer:

Are you absolutely sure? It will be a significant amount of money!

MyVirtualCPA :

Yes, I am positive

MyVirtualCPA :

An inheritance is not taxed. However, any income derived from that inheritance such as interest you may earn would be taxable

MyVirtualCPA :

http://turbotax.intuit.com/support/iq/Less-Common-Income/Is-My-Inheritance-Taxable--/GEN83674.html

Customer:

If the money is deposited into a bank, then it will be taxed??

MyVirtualCPA :

No the money will not be taxed

MyVirtualCPA :

But

MyVirtualCPA :

If that money earns interest, the income from the interest would be taxed

Customer:

Thank you!

MyVirtualCPA :

You're welcome. Please take a moment to rate my resopnse "excellent" so that I may receive credit for assisting you today

Customer:

What if it is reported to IRS?

MyVirtualCPA :

It would not be, and if it was then you would show the IRS that it is an inheritance and they will not tax it

Customer:

Good. That's a big help!

MyVirtualCPA :

Glad I could help.

MyVirtualCPA :

IS there anything else you need assistance with today?

Customer:

Not today

Megan C and other Tax Specialists are ready to help you

Related Tax Questions