"Joe Lauton" <JL[at]Lauton2010.com> wrote

- quote -




In general the bulk of it is not going to be taxable income to you.

There may, however, be some elements of income as part of the inheritance.
Ask the executor of the estate what part - if any - is income and the amount
and type.



- quote -


If there is any income being distributed (generally interest, maybe
dividends or capital gains) it's treated the same as all other same-type
income.






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The interest earned should have been reportable income in most cases. But
that was "years ago" and I'm sure it was handled correctly.







--
Paul A. Thomas, CPA
Watkinsville, Georgia

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A parent died and a token size inheritance may come my way from
outside the US.
At what level does it become taxable?
How is this handled?
Years ago (different person) I received something like a 1099 with
something about a tax treaty - it was a savings account set up for me
with tons of strings attached. I managed to have is closed and
declared nothing on my taxes - as far as I recall.
joe

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >