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

    Jan 30, 2010, 05:23 AM
    Income tax reporting of inheritance
    I received an inheritance in the form of Treasury bills, primarily, which had to be sent to a broker and held for a period until maturity. Do I need to report this inheritance to the IRS? Estate taxes were duly paid by the estate.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jan 30, 2010, 04:42 PM

    No - there is no federal inheritance tax. You will of course have to pay income tax on the income the investment produced for you. You should also investigat whether your state has an inheritance tax - a few do.
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