	AllExperts > Experts
	Search

About WILLIAM D MCCONNAUGHY
Expertise
Federal income tax questions.

Experience
Former IRS Revenue Agent. Former Enrolled Agent. Self-employed Certified Public Accountant since 1990.

Education/Credentials
Bachelor's Degree Accounting Major San Francisco State University Master's Degree Taxation Golden Gate University

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > taxes

Topic: Tax Law (Questions About Taxes)

Expert: WILLIAM D MCCONNAUGHY
Date: 8/10/2008
Subject: taxes

Question
do i need to claim money inherited to taxes

Answer
No, the inheritance of a principle sum of money is not reportable by you as income subject to taxation.

However, any earnings derived from those funds once inherited by you would be subject to tax. Example...if you put the funds in an interest bearing account, then the interest income earned would be taxable.

Add to this Answer Ask a Question

About Us | Advertise on This Site | User Agreement | Privacy Policy | Help
Copyright © 2008 About, Inc. About and About.com are registered trademarks of About, Inc. The About logo is a trademark of About, Inc. All rights reserved.