Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Is inheritance money taxed as income? I’m retired a year.

Customer Question
Is inheritance money taxed...

Is inheritance money taxed as income?

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

I’m retired a year. Approx income 60k Was informed am likely to receive @ 250k as an inheritance. Coming from my dad who thankfully has not departed us but is passing this on now rather than later.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Not that I can think of.

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/8/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 1 month ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you with that.

Inheritance money is not taxable to you.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Ask Your Own Tax Question
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 1 month ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

Ask Your Own Tax Question
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
1,032 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
New Jersey denied my earned income child tax credit but the
New Jersey denied my earned income child tax credit but the federal gave it to me. Will the state(New Jersey) tell the fed I was denied after the fed all ready gave it to me … read more
Carter McBride
Carter McBride
Certified Public Accountant (CPA)
1,032 satisfied customers
I receive income from some consultancy work I do (in the US)
I receive income from some consultancy work I do (in the US) for a company based in the UK. In October 2017 I received $8,000. This was made up of fees of $12,000 less $UK income tax deducted of $4000… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
A quick? Received a notice of credit for income tax
Good afternoon. A quick ? Received a notice of credit for income tax purposes. Notice says if we declared amt of disability as income on prior years taxes. And we did. We now can show that as an. Offs… read more
Dr. Arthur Rubin
Dr. Arthur Rubin
Doctoral Degree
172 satisfied customers
Filing a NR Canadian income on a US Federal 1040. Which form
Filing a NR Canadian income on a US Federal 1040. Which form is used to report this foreign income? only Box 16 reports income with numeral code 46 in box 14 and in box 15 is CAD. … read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
Using the 7.5% of gross income for out of pocket medical
using the 7.5% of gross income for out of pocket medical expenses, can I use any part of my assisted living rent? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
Should US company withhold income tax to US budget if
Should US company withhold income tax to US budget if employee (person who is in payroll) is non-resident?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
Should US company withhold income tax when paying to
Should US company withhold income tax when paying to Individual person (who is not employee, not in payroll) if : the person is non resident of US and is not located in US AND the person renders softw… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Inheritance - Valuation Question: Client inherits 50% of 2.5
Inheritance - Valuation Question: Client inherits 50% of 2.5 acre parcel previously used as rental activity. Client also inherits 50% of 40 acre. The other 50% owner of both is Client's father. The 2.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Required minimum distribution from an inherited IRA (income
required minimum distribution from an inherited IRA (income reported on 1099-R) Can a charitable gift prevent/offset the tax on the distribution?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
My. Turbo will not let me use my husbands credit card. Taxes
my JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: turbo will not let me use my husbands credit card JA: Is there anything else the Accountant should … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
Earned income credit, single and no children income 1392
earned income credit, single and no children income 1392 social security 15996.00 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
I recieved inheritance income from sales of my mothers home
I recieved inheritance income from sales of my mothers home in Puerto Rico for 44K and paid taxes of 6500. I recieved a form 480.6C form. How do I enter it in my tax return and would I have to file a … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,923 satisfied customers
Do I have to report credit card advances as income? If I
do I have to report credit card advances as income? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is US tax owed on a small foreign inheritance, My wife, a
My wife, a resident alien, received a small distribution from her father's estate last year in 2017. The funds were deposited and still are in a South African bank, The total is less than $15,000 … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,048 satisfied customers
My brothers and sisters 5 of us total inherited 22 acres of
my brothers and sisters 5 of us total inherited 22 acres of land in oklahoma and it was apprassied at 44,000 dollars. we sold 11 months later at a price of 70,000. would we owe any capital gains tax o… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,451 satisfied customers
How do I report inheritance income. How do I report
How do I report inheritance income JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: how do I report inheritance income JA: Is there anything else impor… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
I have a small inheritance held in a French bank (Credit
I have a small inheritance held in a French bank (Credit Lyonnais) I would like it transferred to my bank her int he USA. All the notary work and taxes are paid. Can you advise how I can get this done… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Is inheritance income from Germany subject to US taxes?
Is inheritance income from Germany subject to US taxes? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,048 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x