I am 54, single, artist, and received approximately $65,000 dollars this year after my father died. I have no income. Will I be taxed on this money. I put it in the bank and it makes almost no interest. Should I take it out and hide it?
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I am 54, single, artist, and received approximately $65,000 dollars this year after my father died. I have no income. Will I be taxed on this money. I put it in the bank and it makes almost no interest. Should I take it out and hide it?
Quote:
I am 54, single, artist, and received approximately $65,000 dollars this year after my father died. I have no income. Will I be taxed on this money. I put it in the bank and it makes almost no interest. Should I take it out and hide it?
This is a little late to do the OP any good, but this tax board is dead and another filing season is almost upon us.
Inherited property, including money, is not subject to federal income tax. Income generated by that property is taxable. So the $65,000 the OP inherited is not taxable, but the little bit of interest it earned is.
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