Benificary Inheritance

[ruthschmidt]

This involves beneficiary living in new jersey and receiving inheritance money from new york. Question:

Does one have to report inheritance money to the IRS as added income for the year? I've read confusing info regarding this matter.



thank you much, ruth/middletown, nj

 

[advisor10]

JULY 5, 2001

DEAR RUTH:

Please clarify:

(1) How much is the inheritance money being received?

(2) Is it being received in the form of a check?

This area of the income tax law is somewhat confusing. Generally speaking, it may not need to be reported as added income or may not need to be reported at all, but if you have received a FORM 1099 (or something similar) that mentions the money has been reported to the IRS, you should consider getting a definitive opinion from a local certified public accountant or from an enrolled tax agent (has formerly worked for the IRS), whom you can find in the yellow pages. There is also the possibility that it may need to be reported on some obscure form or some obscure line of a tax form that is not generally well known.

SINCERELY,

[email protected]