Explore the 1,000’s of tax questions answered by professionals.

Back to list

QUESTION DETAIL

Related User

Votes

I recieved money from a relative's inheritance and used the funds to purchase a home. Do I need to claim that as income?


ANSWER


The BIDaWIZ Team's Answer:

No; the inheritance is not subject to income taxation. If it was subject to estate tax,

the inheritance [estate] tax would, generally, have been paid, by the estate executor,

before distributing any estate proceeds.

The BIDaWIZ Team

 

 

  • Currently 4.6190/5 Stars.
  • 1
  • 2
  • 3
  • 4
  • 5
1547 Ans.