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QUESTION DETAIL
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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.
