TaxAudit Blog

Tag: inheritance

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.

Read More ›

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.

Read More ›

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.”

Read More ›

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...

Read More ›

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...

Read More ›

$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. 

Read More ›

This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.