Banks are required to report large (over $10,000.00) cash transactions. |
Although you should consult a tax professional for advice on tax matters, we don't believe that the IRS requires that you report an inheritance. You may have state inheritance taxes, however, and if you sell inherited property, you may have to report to the IRS and pay taxes on any gain from the sale.
Published on BankingQuestions.com 9/04/08