Generally, all of the following are examples when you would have taxable income EXCEPT: You receive an inheritance from a grandparent You sell 500 shares of Exxon for a $5,000 gain. You received $5,000 in capital gains distribution from a mutual fund that you have not sold yet. Your General Motors bonds paid $5,000 in interest

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You are correct Inheriting money from a grandparent is generally not considered ... View the full answer