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I got a stelment from my dad's astate of 33,333.33 do I have to pay tax on it

Dallas, TX |

My dad was hit by a car which caused him to passaway we sued and me a my thtwo sisters each received 33,333.33

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Attorney answers 3

Best Answer

I agree, you should not have to pay taxes on this type of settlement payment.


No. There should not be any tax on this.

James Frederick

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The IRS taxes "income." There is a lot of dispute about what is considered to be "income." However, Congress specifically said gifts and inheritance are NOT income, and so they are not taxable. The money you got from from your dad's estate is an inheritance and you would not have to pay taxes on it. See the link below to see the actual law.