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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 11554
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I receive $1,657.00 a month in social Security survivor

Customer Question

I receive $1,657.00 a month in social Security survivor benefits. This year I received an inheritance of $15,000. I was wondering if I need to file for my taxes and pay taxes on this?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

...

I hold a JD (Juris Doctorate, a doctoral degree in the law), concentration in Tax Law & Corporate law, an MBA (specialization in finance & tax), and BBA from mercer University’s Stetson School of Business and Economics, as well as CFP® and CRPS designations.

...

No, inheritance and gifts are specifically excluded from INCOME tax (IRS §102)

...

This is not taxable, so not reportable, and therefore doesn't affect Social Security taxation at all

...

Let me know if you have questions

...

Lane

..

Expert:  Lane replied 1 year ago.

(sorry for the typo... that should have said IRC §102) - IRC stands for Internal Revenue Code

Expert:  Lane replied 1 year ago.

Hope this has helped … let me know if you have questions

...

If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by using the stars on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

...

Thank you,

Lane

Expert:  Lane replied 1 year ago.

Hi,

I’m just checking back in to see how things are going.

Did my answer help?

Let me know…

Thanks

Lane