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I live in North Carolina and just inherited 121,000 from my…

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I live in North...

I live in North Carolina and just inherited 121,000 from my uncle. Do I have to pay any Federal or State tax on this inheritance?

Accountant's Assistant: The Expert will know how to help. Please tell me more, so we can help you best.

What more do you need? I am 70 years old and live on Social Security.

Submitted: 9 months ago.Category: Tax
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Answered in 5 minutes by:
9/20/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,053
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

Sorry to hear about your uncle.

The $121000 you inherited, did it come from a retirement account or a bank account like a checking or savings account?

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Customer reply replied 9 months ago
It came from the settlement of his entire estate in Connecticutt
Customer reply replied 9 months ago
I am very upset that i just got a fraud alert on this card being charged $41.00 instead of $5 Please explain and stop this immediately!
Tax Professional: Robin D., Senior Tax Advisor 4 replied 9 months ago

I will send this to Customer Support then so they can refund your money

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