Tag Archives: Inheritance

Inherited Farm

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.buy elavil online https://jersey-hemp.com/wp-content/languages/new/elavil.html no prescription What would her tax liability be?buy zoloft online https://jersey-hemp.com/wp-content/languages/new/zoloft.html no prescription ”

Trustee Theft

Today we hear from Jack in Oregon who wants to know, “If a co-trustee of a irrevocable trust converts trust assets for his own use, can the trust take a theft loss deduction on the trust tax return?”

Is Inheritance Taxable

Today TaxMama hears from Manny in NY has a question that comes up often.buy zithromax online pridedentaloffice.com/wp-content/languages/new/over/zithromax.html no prescription “I will be buying a house in NYC and my wife inherited six figures from her grandfather.https://www.playavistaorthodontics.com/wp-content/languages/new/premarin.html We plan to use that money for the down payment.https://www.playavistaorthodontics.com/wp-content/languages/new/cialis.html Is this inheritance tax free? Or will it be […]

The Millionaire Zone

RESEARCH FINDS MILLIONAIRES TURN THEIR ADDRESS BOOKS INTO CHECK BOOKS MORE THAN NON-MILLIONAIRES Use of Social Networks Dispels Myth that the Rich “Go it Alone” in Achieving Success 74% of Americans Want to Turn their Profits into Passions New York, April 26, 2007—Millionaires use social networks – ranging from the government and their alma maters […]

Trustee Fees

Today TaxMama hears from Phil in South Carolina who tells us. “I manage my parents’ Trust and hold the Power Of Attorney for their estate. The Trust states that I am to be compensated for these services. Is there a general rule of thumb for compensation for these services?”

Family Death During Year

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 […]

After Death

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 […]

Investment, Inheritance or?

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?buy prednisone […]

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?”