Question

I have a question about IRS inheritance issues. How do I report an inheritance I received by check?

Answer

Relative to IRS inheritance issues, if you inherited cash payable to you in a check, it’s usually not taxable.

If you inherited something other than cash payable to you via check, there might be IRS inheritance ramifications. Taxable assets could include an IRA that’s paying you income or property, depending on your basis.

Whether an inherited item is taxable will depend on the type of item you inherited.

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