Ask Experts Questions for FREE Help !
Ask
    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can I claim my disabled wife on my taxes? [ 4 Answers ]

My wife and I have not lived together as husband and wife in almost 3 yrs.She is disabled and receives SSI.We r still married ,but I live in the Upstairs portion of the house with my 72 yr old dad and she lives in the downstairs portion of the house with our 2 daughters.Both portions of the house...

Do I claim babysitting money for taxes? [ 1 Answers ]

I am a stay-at-home dad. I babysit another child at his home 25 hours a week, making $250 per week. The family is from Israel. My wife and I want to do taxes, but they haven't done their paperwork to claim they have a "nanny" working for them. Do I claim my earnings or not? I never filled out...

Taxes on money received as gift from abroad [ 1 Answers ]

Hello, If I were to receive some money as gift from abroad a) do I need to declare the money in my US tax returns? b) will there be tax implications? Thanks for your help,

Do I have to claim 401K on my taxes? [ 4 Answers ]

I started my 401K plan in Oct of 2005. Do you have to claim 401K information on your taxes? When I called Schwabb the other day to increase my contributions a recording noted that the 2006 tax forms would be mailed out on Jan 31st. I'm just confused because I didn't get anything in the mail in...

View more questions Search