Is inheritance money considered income for IRS taxes?

Answer For Internal Revenue Service (IRS) purposes, inheritance falls under the rules outlined for estates. Generally, no taxes are owed by the recipient of an inheritance. Only people who exceed the yea... Read More »

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Is Inheritance money to be reported on federal income tax as income?

It is possible to have some taxable income from an inheritance the source and the type of income that is inherited is what will determine this. Inherited pension or IRA. If you inherited a pension... Read More »

Do you pay income taxes on an inheritance in Indiana?

According to Retirement Living, inheritance taxes are strictly a state tax but are not imposed on an inheritance in Indiana. The Internal Revenue Service may levy estate or gift taxes if the amount... Read More »

Can you get money back from filing taxes if you had zero income?

According to the Internal Revenue Service, you should consider filing--even if you do not have to--if you qualify for refunds from eligible tax credits. For example, college students would qualify ... Read More »

Do I have to claim the stimulus money as income on my taxes?

The economic stimulus was a tax credit provided to any individual who filed taxes for the 2007 year. You don't have to claim the money you received from this credit as income on your following year... Read More »