TaxAudit Blog

Tag: inheritance

1099 Form next to Calculator

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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Sold Sign

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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House with person doing paperwork in the background

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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Estate Tax

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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House with for sale sign that has sold

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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Inheritance Tax

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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Inherited IRA

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 Individual retirement accounts can transfer to a beneficiary without immediate tax consequences if no money is withdrawn

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1099-S Form

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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Schedule K-1

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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Inheritance on top of money

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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Two men fixing a roof

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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Green sign that says Retirement Next Exit

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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$100 bill wrapped in a bow

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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