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Is the inheritance you received taxable?

It's tax season! If you received an inheritance in 2015, a portion of what you received may be includible on your 2015 1040 (individual income tax return). These amounts are shown on a Schedule K-1, which you will receive from the estate or trust that made the distribution. The Personal Representative or Trustee will be able to tell you if you are going to receive a Schedule K-1.

Keep in mind that income tax is very different from estate tax. Estate tax is paid if the value of a decedent's assets is greater than $5 million. Income tax, which each of us pays individually, is a tax on all income - what you earn at your job, interest on bank accounts and other investments, dividends on stocks and capital gain from the sale of assets. If the money you received as an inheritance includes interest or dividends, you will report that on your individual income tax return.

Still confused? You can talk to us! To consult with our team, contact us and we'll set up a time to meet with you or talk to you.

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Bingham Legal Group PC
30100 Telegraph Road, Suite 360
Bingham Farms, MI 48025

Fax: 248-642-3207
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Phone: 248 952 8783
Toll Free: 888-794-3433
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