I received $80,000 from the sale of property when my mother died. I put it in a CD in the bank in May. Do I need to put it in a IRA or something before the end of the year to avoid losing it all to taxes?
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I received $80,000 from the sale of property when my mother died. I put it in a CD in the bank in May. Do I need to put it in a IRA or something before the end of the year to avoid losing it all to taxes?
No INCOME taxes will be due on the $80K.
Any estate taxes due were already paid by the estate before you got the money.
The only tax you will have to pay is on the interest earned on the CD.
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