I have a question about what constitutes a gift or inheritance. I received money from a parent after my grandparent died. Does this count as a cash gift or inheritance?
Regarding your question about gift or inheritance, if you received the money through your grandparent’s will or estate, the money was an inheritance.
The money was probably a cash gift if:
- You didn’t receive the money directly through your grandparent’s will or estate.
- Your parent wasn’t obligated — by the will or otherwise — to give you the money.
- You gave your parent nothing in return.
Learn more about payroll tax and how it may affect you the next time you file, with guidance from the tax pros at H&R Block.
If you report income earned in a nonresident state on your resident and nonresident return, will you be double-taxed? Learn more from the tax experts
In this article, the tax experts at H&R Block will walk you through the Secure Act retirement bill and any changes that may affect your retirement savings.
Are jury duty payments considered taxable income? Learn more from the tax experts at H&R Block.