Have Tax Questions? Ask a Tax Expert for Answers ASAP
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.
An inheritance is not taxed, so if you received money from a will there is no tax on that money
Are you absolutely sure? It will be a significant amount of money!
Yes, I am positive
An inheritance is not taxed. However, any income derived from that inheritance such as interest you may earn would be taxable
If the money is deposited into a bank, then it will be taxed??
No the money will not be taxed
If that money earns interest, the income from the interest would be taxed
You're welcome. Please take a moment to rate my resopnse "excellent" so that I may receive credit for assisting you today
What if it is reported to IRS?
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
Good. That's a big help!
Glad I could help.
IS there anything else you need assistance with today?