I live in the U.S.
My great aunt passed away and I was listed as her beneficiary on her transfer on death Certificate deposit (CD) account.
The account has/had approx. $30,000 USD, which is being cashed out and sent to me by check (since I don't bank where she banked)
What I'm wondering is do I have to report/claim this as income somehow? Do I put this on my taxes? If I put them in my taxes, then I'll be taxed on the income. To my knowledge, I don't have to pay taxes on this type of inheritance in Oregon (She lived in Illinois, also my understanding there isn't inheritance tax in either place)?
If I'm understanding this website correctly, I don't have to do anything (paying tax wise nor any tax forms) - but I'm not sure I'm understanding it correctly. https://finance.zacks.com/tod-account-taxable-10361.html#:~:text=The%20amount%20that's%20in%20a,may%20have%20to%20pay%20that.
Anybody know if TOD CD accounts should be reported somehow? Or if I'll have to pay taxes on it?
Thank you! I appreciate any/all knowledge.