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Hi Everyone,

The scenario:

My FIL will be receiving $21,000 from the sale of my DW's grandparents house. Is the $21,000 considered taxable income?

I read IRS publication 525 and it states "Generally, property you receive as a gift, bequest, or inheritance is not included in your income. Am I to assume cash is "property"?

My FIL is retired and has not owed income taxes over the past two years.

I hope this is enough info.

Thanks in advance.

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