Q: Social Security and Inheritence
In August of this year, I, at age 64, went on Social Security, after not finding a job in 2 1/2 years. I have received three payments so far. My cousin died in March of this year and I inherited $ 50,000.00 as part of his estate. My question: Will this inheritance reduce / negate my monthly Social Security payments? Thank You
A: No, it will not. An inheritance is not considered income, so it wouldn't affect your income tax either.
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