I have a question about IRS inheritance issues. How do I report an inheritance I received by check?
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.
The minimum income amount depends on your filing status and age. In 2017 for example, the minimum for single filing status if under age 65 is $10,400. If your income is below that threshold, you generally do not need to file a federal tax return. Review our full list for other filing statuses and ages.
There are two different types of IRAs - traditional and ROTH. Use this IRA calculator from Betterment and H&R Block to determine which one is best for you.
Learn more about Form 3921 and incentive stock option rules with the tax experts at H&R Block.
Learn more about farm income and how It affects your taxes from the tax experts at H&R Block.