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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14430
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My mother inherited $33,000.00 from my deceased sister who

Resolved Question:

My mother inherited $33,000.00 from my deceased sister who leaved in Puerto Rico. This money came from her savings account. My mother resides in Brooklyn, N.Y. Do I need to declare next year when I file her tax and if so, under what?
Submitted: 10 months ago.
Category: Tax
Expert:  Megan C replied 10 months ago.

Megan C :

Hi, how are you today? My name is XXXXX XXXXX I would love to help you

Megan C :

This money that your mother is receiving is tax free

Megan C :

You do not report it on her tax return at all

Megan C :

You never pay tax on an inheritance.

Customer:

Ok but what about my sisters pension from her job? My mom is also be getting that possibly next year. Is this also considered inheritance?

Megan C :

The pension will be taxable, as it was taxable income to her sister.

Megan C :

When your mother gets it, she will get a 1099 and you will place it on the line of her tax return for pensions

Customer:

Great. Thanks!

Megan C :

You're welcome

Megan C :

Is there anything else I can assist you with today?

Customer:

One last thing. She's thinking of transferring that money to me as a gift, does this mean I do not have to declare that either?

Megan C :

That is correct. Anything she passes to you would be tax free.

Megan C :

Even if she received the pension, and then gave the funds to you - they would be tax free to you

Customer:

You are so helpful. Thanks so much for your help.

Megan C :

You're welcome

Customer:

That would be all for now.

Megan C :

If you would please take a moment to rate me positively so that I may receive credit for assisting you today

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14430
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 7 other Tax Specialists are ready to help you

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