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View Full Version : Tax on inheritance money received as beneificiay


dsnart
Feb 18, 2014, 07:55 AM
Received cashiers check from money market account, was beneficiary, mothers death not filed with state yet. Do I claim anywhere on my tax return? Or report as income? Under 50,0000

ma0641
Feb 18, 2014, 08:36 AM
In the US? Unless your state has an inheritance tax for $50,000 or less, you own nothing. Where do you live? If no taxes from the state, you are well under Federal tax requirements. Congratulations!

ebaines
Feb 18, 2014, 08:53 AM
Yuo do not report it as income. There are no federal taxes on inheritance, so nothing to report to the feds. There are a few states that have inheritance taxes, and most exempt inheriatnce from a parent, so as ma0641 said we need to now what state you and your mother lived in.