TaxAudit Blog

My mom passed away about a year ago, and I inherited two IRAs. Can I roll over one of the IRAs into the other inherited IRA if it is done by direct transfer?

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My minor daughter was a beneficiary for her uncle's savings account. Does she need to report it as income?  Are there tax implications if she gifts the money?

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I'm inheriting $44,000 from my father's house being sold in New York. I just want to know how much tax, if any, would I have to pay in South Carolina. Thank You

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The IRS is billed you $4,000 due to a $8,000 capital gain or dividend. You don’t know what the $8,000 is from and believe if inherited it should be tax free.

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My wife will be inheriting her father's home. We intend to sell our home and invest the proceeds to remodel this inherited property. What is the tax process?

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Your son does not need to report or pay tax on the $70,000 you gifted him from the inheritance your wife received from her mother’s probate! Let's explore more.

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When someone other than a spouse inherits an IRA, the IRA is considered an inherited IRA and the rules are stricter than when a surviving spouse acquires it.

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I received 3 1099 forms - 1 for interest and two from houses which were sold in the months after his passing. Is the estate required to file a return?

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Father died 30 years ago. Stepmother just sold house and children split father's portion of sale (after filing of an affidavit of heirship). Do we owe taxes?

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To know if your home inheritance is taxable income you will need to start by figuring out what your step up in basis is - the property value when someone dies.

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New Jersey, NJ imposes a tax on the beneficiaries of estates. The tax return requires the tax be paid by the estate on behalf of all the estate’s beneficiaries.

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My Aunt died and the bank sold her house. The bank sent me a check for "excess proceeds" from the house sale. Do I owe any tax on this money?

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Whether you will be taxed on the money received from a trust will depend on the type of trust and the instructions laid out, the assets titled, and more.

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Can you inherit an IRA and not pay tax? Individual retirement accounts can transfer to a beneficiary without immediate tax consequences if no money is withdrawn

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When you inherit real property, like a home, then for tax purposes the beneficiaries receive what is called a “stepped-up” basis.

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If the income items on the Schedule K-1 are sufficiently large, they will generate additional taxes due on your return. You will need to amend your tax return.

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Generally, when you inherit money it is tax-free to you as a beneficiary. However, like so much in tax law, the answer to this question is “it depends.”

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I inherited a home in 1988 from my father. I sold that home during the 2014 tax year at a gain. I did considerable renovations on this property...

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You just found out your Uncle Jerry passed away and that he had listed you as the sole beneficiary to his traditional IRA account. You go down to the bank...

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Inheriting money is kind of nice for people. You have usually done nothing to earn it but be born. You most likely have not worked for it. 

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