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Tax on Inheritance

by TaxMama on December 22, 2009

Today TaxMama hears from Joan in Minnesota, who asks. “How much money can you inherit in Minnesota without paying taxes on it? And if you do need to pay, what is the %?” [click to continue…]

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Lakefront Property

December 1, 2009

Today TaxMama hears from Carol in New York who tells us. “ I inherited lakefront property in 1999. I recently sold it for $60,000.00 and I am holding the mortgage with payments being made of $600.00/month. Do I have to report the sale; and how will taxes be calculated?”

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Sale of Inherited Home

November 5, 2009

Today TaxMama hears from Dottie in Massachusetts with this question. “Does the maximum personal residence exclusion apply to someone who inherited a home, had it for 370 days, sold it for a long-term capital gain and received a K-1? He and his dad had lived in the home for 10 yrs previously.”

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Coin Collection

June 2, 2009

Today TaxMama hears from Tarquin in New Orleans, with this problem. “I inherited a coin collection. The estimated basis I got was $70,000. But the collection sold for $90,000 a few months later. I calculate that I now owe $5,600 in capital gains taxes. But I know that coin prices have been falling. [...]

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Rental Property

December 8, 2008

Today TaxMama hears from Sue in Nevada with a couple of questions. “I inherited rental property and must prepare for the 2008 tax return. Do I use fair market value as the cost basis in figuring the depreciation? Also, how do I calculate depreciation?”

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Inherited House

March 11, 2008

Today TaxMama hears from Don in Texas who tells us, “My brother and I inherited a house in 2004 from my aunt. Neither of us have ever lived in the house, nor have we rented it out. We sold the house in 2007 for $10K less that the FMV upon the death of [...]

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Inherited Property

February 27, 2008

Today TaxMama hears from Bobbi in Nevada who asks, “If I sell property that I inherited, such as excavation equipment for scrap steel, do I have to be concerned with capital gains?”

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Inherited Farm

November 1, 2007

Today TaxMama hears from Gloria in Florida who wants to know. “My daughter inherited a small farm from her father last year and wants to sell it. What would her tax liability be?”

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Is Inheritance Taxable

August 2, 2007

Today TaxMama hears from Manny in NY has a question that comes up often. “I will be buying a house in NYC and my wife inherited six figures from her grandfather. We plan to use that money for the down payment. Is this inheritance tax free? Or will it be taxed on our 2007 tax [...]

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Inherited Roth IRA

June 18, 2007

Today TaxMama hears from Oscar in Michigan who has this question. “I am 85 years old and have named my son as the beneficiary of my Roth IRA account. Must he be 59 ½ years old before he can access this account. “

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