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QUESTION DETAIL
Related User
Votes
When you receive money from the Texas State Comptroller's Unclaimed Property Department, do you owe the IRS Income Tax on that money?
ANSWER
The BIDaWIZ Team's Answer:
It depends on the source of the money. Usually, the answer is no, because
the source is inherited, or life insurance, proceeds, which are not subject to taxation.
A common exception, to this rule, is if the source is from an inherited retirement account,
from a decedent.
