Inheritance

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?” Share this:

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Inherited House

March 11, 2008

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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 my aunt. [...]

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Inherited Property

February 27, 2008

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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?” Share this:

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Inherited Farm

November 1, 2007

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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?” Share this:

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Is Inheritance Taxable

August 2, 2007

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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

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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. “ Share this:

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Family Death During Year

April 9, 2007

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Today TaxMama hears from Fran in the Tax Parlor, who tells us. “My mother died in 2006 and received Social Security monthly, getting about $700 per month. In addition, she had investments totaling about $60,000 that paid less than $5,000. Do I need to file a return? If so, what info and forms do I [...]

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After Death

July 24, 2006

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Today TaxMama hears from Cheryl in Kansas who wants to know, “Do you have to file an estate return when the whole estate is going to be less than $200,000? There are 3 heirs (1 in Kansas and 2 in Texas). The assets include the funds from the sale of the house (about $145,000) and [...]

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Investment, Inheritance or?

April 27, 2006

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Today TaxMama hears from Tony with this story, “My friend’s mother recently sold her father’s home (he is elderly). He gave her power of attorney to sign off on everything, and she kept the proceeds of the sale.* Would this house be considered inherited property, invested property, or anything else for my friend’s mother?” Share [...]

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Suing Sister

April 12, 2006

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Today TaxMama hears from Barbara in Georgia, who says, “I was sued by my sister after our father’s death. Are these legal fees deductible?” Share this:

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