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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3219
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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My inheritance is finalized and I have recieved all I am in

Customer Question

My inheritance is finalized and I have recieved all I am in titled to. 03/21/13 is when it started and received money from bank accounts and retirement funds as well as annuities had federal and state taxes with held. Received final portion from sale of estate and property in late July no taxes federal or state withheld. How much can I expect to pay tax from the estate and property and haven't filled a return on all benefits received planned to file on all benefits received in one filling. What else can I expect?
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Your inheritance is NOT taxable in the U.S., with the exception of the retirement funds and annuities, for which you have already had federal and state taxes withheld. If the property was sold by the estate and you received the proceeds, there is no tax due on that amount from you. You would not report any "cash" in bank accounts or the "cash" you received from the sale of the property if sold by the estate. Of course, any interest earned on any of the money you inherited would be taxable income to you.

Make sense?

Please let me know if you require further information or clarification.

Thank you and best regards,

Barb

Expert:  Barbara replied 1 year ago.

Just following up to see if you have any other questions. If so, please come back to me here at your convenience, and I will be happy to assist you.

Best regards,

Barb