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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55708
Experience:  29 years of experience as a tax, real estate, and business attorney.
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How is inheritance money reported on income tax return?

Customer Question

How is inheritance money reported on income tax return?
Submitted: 1 year ago.
Category: Tax
Expert:  Richard replied 1 year ago.

Hi. My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? In what state are you located? Is this money simply from an estate inheritance? Or, is it from a retirement account such as an IRA, a 401k, etc.? Thanks.

Customer: replied 1 year ago.
It is just land located in grand prairie, Texas and it is from an inheritance.
Expert:  Richard replied 1 year ago.

Thanks for your quick reply. There is no Federal or Texas inheritance tax. And, since it's an inheritance, it is NOT income. Thus, you have no reporting or tax obligation with respect to the inheritance. It does not get reported on your income tax.

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