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cattlehead
January 23, 2020
Question

If I receive an inheritance, which is then disbursed to creditors on my Chapter 7 bankruptcy, do I need to report that to the IRS?

  • January 23, 2020
  • 1 reply
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A
Anonymous
January 23, 2020

generally, an inheritance is not taxable except for some items.  - these items would include income in respect of a decedent (IRD).  if you inherit a retirement account there are special rules. 

 

IRD is income the decedent was entitled to before death but which was received until after.   the trustee should supply you with the info via a K-1.  

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