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Inheritance, do I pay tax on it?

Posted 5 August 2015 under Tax Questions


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Slightlymad says:
5 August 2015 at 9:10

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!

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TaxTimTaxTim says:
5 August 2015 at 12:07

Did everything get paid to as a result of the Estate declaring it to you?


Slightlymad says:
5 August 2015 at 12:50

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.


TaxTimTaxTim says:
5 August 2015 at 16:48

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.


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