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How is inheritance money reported on income tax return?

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How is inheritance money reported on income tax return?
Submitted: 20 days ago.Category: Tax
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5/1/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 20 days ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,327
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 20 days ago

Generally, inheritance is not taxable. --There are certain exceptions such as distributions from a 401K or IRA

Income that is generated by the estate that is distributed to the beneficiary may be taxable to the beneficiary. The income is taxed just as if the beneficiary received the income directly.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 20 days ago

Please let me know if you have any additional questions.

When you have no further questions please take a moment to accept the answer so I am credited for my work. A positive rating of 5 stars is much appreciated.

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