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I am 73, have a small in home business, bit haven't filed…

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I am 73...

I am 73, have a small in home business, bit haven't filed taxes because I don't make more than $20,000. 2017, I reveived o

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Recieved an inheritance of $48000. Do I need to file this year?Just

Submitted: 1 month ago.Category: Tax
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3/10/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,820
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If it was a cash inheritance (i.e., from the deceased's checking/savings/CD/money market account), it is not taxable or reportable on your tax return.

As an FYI, you should be filing a tax return each year for your self employment income from your home business.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,820
5,820 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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