Inheritance, do I pay tax on it?
By Marc Sevitz · Updated
Do I need to declare lump sums that I received from an inheritance? The lump sums were from retirement annuities, a life policy and proceeds from a fixed property that was sold out of the estate. Thank you!
Did everything get paid to as a result of the Estate declaring it to you?
The annuities and life policies were dealt with separately from the estate as my sister and I were beneficiaries and it was paid out to us in a lump sum.
The fixed property proceeds will be part of the inheritances paid out to heirs after the estate is wound up.
The fixed property proceeds will be part of the inheritances paid out to heirs after the estate is wound up.
If there is cash being paid to you from the estate then you will include that in the Amounts not considered Taxable section of the ITR12 on eFiling. The other amounts you will not have to include, they get recorded on your late sister's return.