My two children inherited $30,000 from my fathers estate. I am wanting to know if it is taxable income since I have called the IRS and tax preparers and gotten confilicting information.:confused:
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My two children inherited $30,000 from my fathers estate. I am wanting to know if it is taxable income since I have called the IRS and tax preparers and gotten confilicting information.:confused:
Inherited money is not taxable monies at all
If any taxes were due on your father's estate, they were paid by the estate before the $30K was disbursed.
You have nothing to worry about.
You could have also received a cash advance on the inheritance.
Such a cash advance is a loan, and such a loan would have fees and interest, Beware of them!
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