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AMBertram
Feb 14, 2008, 08:10 PM
I've received some money from different accounts that my mom had. One account was an IRA and I put that into a conduit IRA already. She had a mutual fund that I had to cash out and I've received my 1099 for that. I also had to cash out a cash management account and checking account but I've not received a 1099 for that. Do I claim that as income on my taxes?

hkstroud
Feb 14, 2008, 10:57 PM
Check with tax professional, these should be inheirtance not earned income and not taxable unless they exceed the exemption limit.

AtlantaTaxExpert
Feb 29, 2008, 11:30 AM
Agreed. The money received from an inheritance is NOT subject to income taxes EXCEPT for any traditional IRA that is cashed out.