Tag Archives: Estate tax in the United States

Inheritance Tax

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?”

Splitting Inheritance from Dad

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 […]

Death’s Split

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 […]

Mom’s Home

Today TaxMama hears from Amy in Doylestown, Ohio, who says, “My mother wants to sign over her house and property to me as a gift. There are no liens on the house, no mortgages, etc. But what should I expect come next tax season; and also what should she expect?”

Just the Fax

Today Dennis in St. Louis, MO is getting notices from IRS. I am the personal rep of an estate. I made a mistake when applying for an employer Identification number using the calendar date instead of the estate’s fiscal date. As a result, I was immediately declared delinquent in filing my returns. I requested that […]