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View Full Version : Taxes for inherited money


jetters50
Mar 29, 2011, 07:16 AM
I live in Texas and my son is a 17 year old who is working and so will file his own income tax this year. He just received $2000 from his grandfather's estate after his death. Would I or my son be required to claim this inheritance gift as income on the tax form?

ebaines
Mar 29, 2011, 07:57 AM
No - there is no need to report anything. Neither the federal government nor the state of TX have an inheritance tax.