My Dad passed away a few years ago and when I'm 18 in a few months I'll get some money that was left. It's not much but just something to help me out a bit in the future maybe. I couldn't see anything about inheritance under the unearned taxable income bit. Anyway, do I declare this as unearned taxable income or do I just leave it as I am not getting it for a few months yet? Also, would it just be the interest taken into account if I plan on saving it?
Sorry just very confused at what to do at the moment. Thanks
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Do I declare inheritance as unearned taxable income? watch
- Thread Starter
- 09-04-2013 00:07
Mark Lee - SFE Official Adviser
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- Official TSR Representative
- 10-04-2013 15:40
This will really depend on the amount and whether you need to pay tax on it. If so you'll need to declare the amount on your application and if not you won't.
Hope this helps,