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    Niecemom's Avatar
    Niecemom Posts: 1, Reputation: 1
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    #1

    Jul 27, 2006, 01:37 PM
    Cash inheritance
    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:
    admartin's Avatar
    admartin Posts: 7, Reputation: 0
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    #2

    Jul 27, 2006, 05:15 PM
    Inherited money is not taxable monies at all
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jul 28, 2006, 05:54 PM
    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.
    877-Go-Heir-Cash's Avatar
    877-Go-Heir-Cash Posts: 1, Reputation: 1
    New Member
    		  
    #4

    Jan 19, 2008, 10:19 PM
    You could have also received a cash advance on the inheritance.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #5

    Jan 19, 2008, 10:45 PM
    Such a cash advance is a loan, and such a loan would have fees and interest, Beware of them!
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