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 nontaxable distributions on Form 1099-Div Box 3 and get tax answers at H&R Block.
Learn more about the myRA retirement planning account by the U.S Treasury Department from the tax experts at H&R Block.
Trying to determine your modified adjusted gross income (MAGI)? Find out what goes into calculating modified adjusted gross income and how it’s used.
Learn more about taxing interest on savings bonds and education savings bond rules with the tax experts at H&R Block.