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My father is deceased. Last Jan in his collection of Rev.

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My father is deceased...

My father is deceased. Last Jan in his collection of Rev. war artifacts the ninety six national park wanted to buy them. we filled out the long paperwork for them to purchase. the govt. through the national park send me a check for 49,633. didn't know if this inheritance from my father's collection was taxable so I send the Irs 14,000. just to be an safe side. is this taxable when I file this year? thanks so much hilga

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Submitted: 3 months ago.Category: Tax
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12/29/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,180
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer!

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

Generally, Inheritances are not taxable.

___

For tax purposes the value of the war artifacts that you inherited "step up" in basis to the fair market value on the date of death of your father.

If you sold the items within a short period of time after your fathers passing that sale price is generally used as the fair market value for determining your tax liability.

When you complete your taxes this year you will be able to report that you paid in the $14,000 and depending on your overall tax situation you may receive a good portion of the payment back.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

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