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I am due to receive inheritance money and was wondering if I…

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I am due to...

I am due to receive inheritance money and was wondering if I have to pay taxes. I wasn't sure what the cutoff was for receipt of money through inheritance.

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I am currently receiving 1,300 per month from my late husband's social security. My daughter receives the same amount. My father has supplemented this with about $12,000 for the year.

Submitted: 8 months ago.Category: Tax
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9/27/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,712
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

On the federal level inheritances are not considered income. However, some states do impose an inheritance tax. What state are you in? I will let you know if the state imposes a tax on the inheritance.

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Customer reply replied 8 months ago
Georgia
Tax Professional: Tax.appeal.168, Tax Accountant replied 8 months ago

Hello again.

The state of Georgia does not have an inheritance tax. The inheritance will not affect your SSA survivor benefits either.

If you do not require further assistance with this matter. I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is greatly appreciated. Thank you in advance.

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