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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
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inheritance income, how is it to be reported?

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inheritance income, how is it to be reported?

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

If you receive an inheritance, there is nothing to report on your tax return, and no reporting is necessary at all unless you have received more than $100,000 from a non-US person, and in that case you file form 3520.

Megan C :

The person who passes away will have an estate tax return filed after their death and the tax is assessed on the estate, but there is no tax if the estate is under $5.2 million

Megan C :

Do you have any further questions? If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C : There could be income tax if the inheritance is a retirement plan distribution
Megan C and 2 other Tax Specialists are ready to help you
Hello, Gladys

I see we were having trouble with live chat. If you would, please review my response. If you have further questions, please feel free to ask. Otherwise, please rate my response as "excellent" so that I may receive credit for assisting you today.