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

    Feb 18, 2014, 07:55 AM
    Tax on inheritance money received as beneificiay
    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's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    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's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    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.
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