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    AMBertram's Avatar
    AMBertram Posts: 2, Reputation: 1
    New Member
     
    #1

    Feb 14, 2008, 09:10 PM
    What do I claim on my taxes if I've received an inheritance.
    I've received some money from different accounts that my mom had. One account was an IRA and I put that into a conduit IRA already. She had a mutual fund that I had to cash out and I've received my 1099 for that. I also had to cash out a cash management account and checking account but I've not received a 1099 for that. Do I claim that as income on my taxes?
    hkstroud's Avatar
    hkstroud Posts: 11,929, Reputation: 899
    Home Improvement & Construction Expert
     
    #2

    Feb 14, 2008, 11:57 PM
    Check with tax professional, these should be inheirtance not earned income and not taxable unless they exceed the exemption limit.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Feb 29, 2008, 12:30 PM
    Agreed. The money received from an inheritance is NOT subject to income taxes EXCEPT for any traditional IRA that is cashed out.

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