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I inherited $42,000 from my aunt in kentucky - what ...

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I inherited $42,000 from my...
I inherited $42,000 from my aunt in kentucky - what percentage of this amount do I have to claim on line 21 of form 1040
Submitted: 9 years ago.Category: Tax
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3/2/2008
Tax Professional: Jon Andrews, Certified Public Accountant (CPA) replied 9 years ago
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
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Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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If some part of that money came from an IRA or other pension account, it might be taxable. However, if it just came from her personal funds, no part is taxable.

jon

Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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