I don't want turbo tax I want the program that they use like at H & R Block and places where they do your taxes. I want to start making extra money doing income taxes and I want to see if ...
my nephew is married, but has kids from a previous relationship. he has always claimed them on his taxes, since their mother does not work. she has sole custody, but he pays child support on them, ...
I want to open a Bank of America account linked to mine, but he would then have a high interest account (emigrant direct) linked so he could earn 5% on his savings. This is in addition to a 529 I ...
No, you don't have to claim it on your income tax or pay any taxes on it. But once you get it, any income you earn from it is taxable.
tonalc1
Generally, property you receive as a gift, bequest, or inheritance is not included in your income. However, if property you receive this way later produces income such as interest or dividends, that income is taxable. Contact the IRS for further info.
Judy1
You don't claim an inheritance on your tax return - taxes, if any, would have been paid by the estate before you got the inheritance.
If you received income-producing assets, then income from them after your Uncle died would be taxable to you. Or if the estate had income after he died, a share of that might be taxable to you - if it is, you should have gotten some paperwork on it from the estate.
Jo Blo
If you inherit an IRA account from your uncle you will pay tax on that because it was funded with pre-tax dollars. but all other types of inheritance will not be subject to tax.
railroad_joe
I don't think so..... To be on the safe side, call ask ask an estate lawyer or a par legal.
chemicalcajun
I believe you can receive up to $12,000 a year as a "gift" and not have to pay any tax on it. If the person dies and leaves it to you, I would assume it would be the same case. You may have received that much money because of tax reasons.
devil man
yea you have to file taxes on them because if u don't the I R S will get after you and take it all but if you file taxes on them then you get to still get some of it
r1114@sbcglobal.net
you pay inheritance tax
the need to know
about 8 years ago they made it where there is no inheritence tax. If you want to verify this go to irs.gov and check it out.
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