Submitted By: someone
Answered: October 28, 2021 1:18 am

My spouse inherited a $30,000 bank account from her sister-in-law. Do we owe taxes on this?

Inheritances are tax free, regardless of amount. However, if the account starts to earn interest, your spouse must pay tax on the interest from the date of the inheritance.

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Tax Glossary

Gross receipts

Total business receipts reported on Schedule C or Schedule C-EZ before deducting adjustments for returns and allowances and cost of goods sold.

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