Question

2555s Interest Earned

Forum|Forum|6 years ago
June 7, 2019
1 reply
0 views

I work overseas and currently filing form 2555. My wife lives with me and doesn't work. She recently inherited money, from her dad (overseas) who is not a US citizen (less than $100K).

1) Is the inherited money taxable?

2) She now earns interest on the inherited money. We file jointly. Can I file a separate 2555-S form to her to deduct the earned interest?

Thanks

TurboTax Online

Critter

Employee

1) Is the inherited money taxable? Cash inheritances from anywhere in any amount is not taxable.

2) She now earns interest on the inherited money. We file jointly. Can I file a separate 2555-S form to her to deduct the earned interest? The form 2555 is for Earned income only ... you cannot exclude interest income.