Record Inheritance

I received money from an inheritance - how should this be recorded; Category? new Account? right now only my cash balance is affected so it's not a transfer.

Best Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    I'd create a new Income category, with a name of your choosing, and record it as a deposit using that category.
    Determining the tax status of that new category is beyond the scope of this forum.  Consult your tax advisor re: the tax status.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Answer ✓
    That's what I did...created a new income category called "Inheritance".  When I received the money I deposited into an already existing account and used that new category for the deposit transaction.  There's no need to create a new account for it unless you will be holding it in an actual new account at a bank, brokerage, etc.

    (Quicken Classic Premier Subscription: R54.16 on Windows 11)

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    I'd create a new Income category, with a name of your choosing, and record it as a deposit using that category.
    Determining the tax status of that new category is beyond the scope of this forum.  Consult your tax advisor re: the tax status.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    Answer ✓
    That's what I did...created a new income category called "Inheritance".  When I received the money I deposited into an already existing account and used that new category for the deposit transaction.  There's no need to create a new account for it unless you will be holding it in an actual new account at a bank, brokerage, etc.

    (Quicken Classic Premier Subscription: R54.16 on Windows 11)

  • Timbo97
    Timbo97 Member ✭✭
    Thank you
  • Boatnmaniac
    Boatnmaniac SuperUser ✭✭✭✭✭
    edited March 2021
    @Timbo97 - You are welcome.  I am sorry to hear of your loss.  Maybe you can take some comfort in knowing that the person who left you the inheritance thought very well of you and leaving you that inheritance was that person's way of telling you that.

    (Quicken Classic Premier Subscription: R54.16 on Windows 11)