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I've received a sum of money as a result of the settlement…

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I've received a sum...

I've received a sum of money as a result of the settlement of my mother's estate. What are the tax implications of this event?

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

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Submitted: 4 months ago.Category: Tax
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12/26/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,318
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Welcome to JustAnswer!

My name is***** will assist you today.

Generally, when you receive an inheritance from an estate, the inheritance is a non taxable event.

___

There are some exceptions to the rule, such as if you inherited retirement funds or property inside a irrevocable trust.

___

I would be happy to answer specific questions concerning the taxability of your inheritance if you would provide more information.

If you are satisfied with the answer then please take a moment to rate and accept my answer by clicking on three stars or more.

Thank you!

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Category: Tax
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

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