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Employee
June 1, 2019
Question

Inherited money from dad from sale of house. Is there a inheritance form?

  • June 1, 2019
  • 1 reply
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1 reply

Employee
June 1, 2019

If you inherit cash, you do no need to include this inheritance on your federal or state income tax return. The estate will pay taxes on this money that you inherit but you have no filing requirement for inheriting the money. (This also applies to receiving a cash gift.)

However, if you receive a gift or inheritance from a foreign person (nonresident alien) or from a foreign estate and the total amount during the year exceeds $100,000, you are required to report the gift on Form 3520. (This form is not supported in TurboTax). Please refer to this IRS link for more information on Form 3520:

https://www.irs.gov/instructions/i3520/