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.
Many entrepreneurs find themselves wondering exactly how Bitcoin is taxed. Our H&R Block Tax Pros are prepared to assist self-employed filers with Bitcoin taxation.
What is a closing disclosure? When you buy a house, you will receive a closing disclosure that can benefit you at tax time. Learn more at H&R Block.
Have you recently earned Bitcoin income from rising stock value? Explore the rules surrounding cryptocurrency-sourced capital gains and losses with H&R Block.