Inheritance

Bahamas Inheritance

November 18, 2010

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Today TaxMama hears from Joe in the TaxQuips Forum, with this odd tale. “My cousin’s wife whose [missing word] was born in Canada and is also a U.S. citizen will be receiving about $150,000 inheritance from her father’s estate. My cousin and his wife live in the US. Her parents are Canadian citizens. Her father, [...]

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Selling Inheritance at a Loss

November 16, 2010

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Today TaxMama hears from Liz in the TaxQuips Forum with this interesting situation. “My father’s cousin passed away and I inherited part of his home.  The executrix of the estate said that since the home sold for less than it was appraised for on the date of his death, we each may be able to [...]

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Selling Inherited Home

August 31, 2010

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Today TaxMama hears from Jami from California in the TaxQuips Forum, who has this question.  “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?”

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Inheriting vs Gifting

August 12, 2010

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Today TaxMama hears from Terri in the TaxQuips Forum, with an delightful problem to have.  “What is the best way to reduce the tax consequences of inheriting land? The person inheriting the land is not related to the owner.  He could possibly marry her if that would help matters. The land was inherited and has very low [...]

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Kids with No Credit

August 4, 2010

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Today TaxMama hears from Taylor in the TaxQuips Forum, with a common dilemma.  “My clients just moved back from Australia. They don’t have any credit established in USA.  I recommended that Mom purchase the home with the mortgage loan will be in her name only.  She can add the kids to the title.  The kids [...]

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Tax on Inheritance

December 22, 2009

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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 %?”

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Lakefront Property

December 1, 2009

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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

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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

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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. Therefore, the [...]

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