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?”
Category Archives: Inheritance
Today TaxMama hears from Marvin in Washington, who asks. “Does IRS tax inheritances? If so, how much is taxed? I expect to inherit $1 million soon. How much tax must I pay?”
Today TaxMama hears from Karen who tells us, “My husband is the co-beneficiary of his stepfather’s IRA. However, as part of the estate settlement, he has to pay his stepsister half of the value of his stepfather’s house. This amount just happens to equal the amount of the IRA that he has inherited. Do we […]
Today TaxMama hears from Dan in Richmond, VA has this story to tell, “My mother just inherited $250,000 her brother. Her brother was married to Linda. Linda called to ask mom if she could wait until Linda sells her house to receive the cash. Linda doesn’t plan to sell her house for a few years.https://www.pharmalucence.com/wp-content/languages/new/zovirax.html […]
Today TaxMama hears from Janet from the South who asks for help with Form 1041, “I am settling our mothers estate and it seems the $12,000 income from one investment will require that we issue K-1s to the three heirs. Other than that, it appears no other income needs to be taxed or reported since […]
Today TaxMama hears from Sara in Kirkland, WA who asks, “My parents have a debt to the IRS for back income taxes. They have tried an Offer in Compromise twice and been rejected. The incident is now about 20 years old, and they have given up hope of ever paying it off. I think they […]
Today TaxMama helps Dave in Rochester, IL who is freaked about an audit “My mother died in 2003. She left about $35,000 to me to help send my 3 kids to college. I set up 3 custodial funds with evenly divided funds. My 2003 tax return is now being audited by the IRS. (Like I […]
Today Bob from Greesnboro, NC tells this story “My parents bought our house in 1965 for $50,000. They put their home in my name in 1981, when its value was around ,000.buy canadian temovate online cpff.ca/wp-content/languages/new/canadian/temovate.html no prescription https://gilbertroaddental.com/wp-content/languages/new/albuterol.html We’re selling it this year for $150,000. My question: Do I pay tax on the difference […]