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    srosscal's Avatar
    srosscal Posts: 1, Reputation: 1
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    #1

    Mar 3, 2010, 07:10 AM
    My mother passed and left me 17000 and Iam being taxed can they do that
    Mother left my brother and sister and I about 17000. Can it be taxed?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Mar 4, 2010, 05:14 AM

    No, there is no tax on inheritance.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Mar 4, 2010, 05:19 AM

    Who is "taxing" you on it ?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #4

    Mar 4, 2010, 08:26 AM

    It depends - if the inheritance is in an IRA and/or 401(k), then yes, it is indeed taxed (as ordinary income to you as you make withdrawals).
    Five Rings's Avatar
    Five Rings Posts: 459, Reputation: 7
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    #5

    Mar 4, 2010, 11:26 AM

    Note e-baines comment for it is correct.
    If your Mom left you the proceeds of her retirement account or an annuity, or several other things all or a portion of it is taxable. This is called "Income in Respect to a Decedent" or IRD.
    See: http://www.irs.gov/pub/irs-pdf/p559.pdf
    Start at page 9.
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