Inheritance

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Marvin2020
Marvin2020 Member ✭✭
How do I record (categorize); Inherited cash deposited into a checking account, then moved to a brokerage (investment) account?

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  • Bob_L
    Bob_L SuperUser ✭✭✭✭✭
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    For the deposit, I would use/create a category "other income-taxable" or "other income-non taxable" depending on your specific situation.  Then create a transfer to the brokerage account.

    Quicken Business & Personal Subscription, Windows 11 Home

  • Rocket J Squirrel
    Rocket J Squirrel SuperUser ✭✭✭✭✭
    edited July 2022
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    I simply created an income category "Inheritance" for this. Adding tax status to the category name might be confusing. A cash inheritance is generally not federally taxable to the beneficiary, but some states have inheritance taxes.

    Quicken user since version 2 for DOS, now using QWin Biz & Personal Subscription (US) on Win10 Pro.

  • Marvin2020
    Marvin2020 Member ✭✭
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    Thank You
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