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bwul1
January 23, 2025
Question

Do I report drop deposit1099 when principle was from inheritance?

  • January 23, 2025
  • 1 reply
  • 0 views
I inherited a trust account. I put $150,000 of the inheritance in a CD. The bank has listed my return as $5,191.15, but the CD maturity will not come until the next year. Do I have to report this income which has not happened?

    1 reply

    M
    MinhT1
    January 23, 2025

    Yes, accrued interest on your CD is taxable and you have to report that form 1099-INT on your tax return.

     

    Inherited money is not taxable, but income derived from the inherited money is taxable.

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