If I’m receiving money from the sale of my late father’s home that will be divided among my siblings and I and my portion will be divided with my daughter, do I claim this as income on my taxes?
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If I’m receiving money from the sale of my late father’s home that will be divided among my siblings and I and my portion will be divided with my daughter, do I claim this as income on my taxes?
Asked on May 13, 2015 under Estate Planning, Missouri
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I am so sory for your loss. The generaly rule is that inheritance is not considered income for federal tax purposes so you would not have to worry that you need to include it as part of your tax liability.
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