<prompt> Human: Hi rpersonalfinance, In 2016 I received 50,000 from my grandmothers estate. My uncle, her caretaker and estate owner, wrote me a check and I deposited it into a BofA checking account with my mother as the co-owner. When I asked the BofA account manager on how I should go about reporting this on my income taxes they said the taxes for the money have already been paid for. My first question is how do I report this income on my income taxes for the upcoming year? I have not reported this and Im getting worried about having issues down the road. I usually report interest income1099-INT, but this account was created in late 2016 and made almost no money in interest sitting in the checking account. I want to begin putting some of the funds into a high interest savings account online. Can you guys also provide more ideas for relatively short term investments, I need some of the funds to stay liquid in case of emergencies. Thank you for all your help, have a good one.  <response>: What everyone is trying to say is that a monetary gift received is not Earned Income, and is therefore not subject to Federal income tax. -The person or estate that GAVE you the money, however, needs to comply with tax laws pertaining to Gifts. 