I don’t know the whole situation, but in general it’s not taxable.

As an example, a person dies with 100 grand in a checking account, a house and some money in Merrill Lynch funds. If this was all left to you, there is nothing taxable. The cash just goes to you. Nothing to report. When you sell the house, you get the stepped up basis at the persons death. So if the house was worth 300 grand and you sell it for 300 grand, nothing taxable. The funds in Merrill lynch would also get a stepped up basis. When sold you would use the stepped up basis to offset the sales proceeds.

It looks like you just got cash from the estate. It’s not taxable to you and there shouldn’t be anything to report unless I’m missing something as I didn’t see your previous posts.

In response to this post by JoesterVT

Posted: 12/31/2021 at 2:37PM

One more (time sensitive) inheritance question... -- JoesterVT 12/31/2021 11:20AM

The date of the disbursement is the important date. -- GreenvilleVT 01/01/2022 08:43AM

Contact the trustee and find out if you will be getting a K-1. If -- vawter85 12/31/2021 4:01PM

This was my experience… ** -- SDHokie 12/31/2021 6:59PM

Ugg...I liked what the other guys said better... ** -- JoesterVT 12/31/2021 4:19PM

I always hesitate to answer these because tax questions are like -- vawter85 12/31/2021 6:43PM

You should have received a form K-1 or 1099 that tells you how to report it ** -- lchoro 12/31/2021 3:37PM

Not taxable unless the estate is MUCHO Huge.... ** -- UTPr0sim 12/31/2021 2:49PM

That's very surprising, and cool. Thanks. ** -- JoesterVT 12/31/2021 2:59PM

Over $11.7million in 2021. IRS Info Linked -- UTPr0sim 12/31/2021 3:11PM

I don’t know the whole situation, but in general it’s not taxable. -- Hokieesith 12/31/2021 2:37PM

I'm not an expert, but I think estates are taxed on the decesed and not... -- Spud 12/31/2021 11:36AM

I don’t know the whole situation, but in general it’s not taxable.

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