Not all assets are treated the same tax wise when you inherit them. It’s important to know what the tax rules are and the distribution options that are available to you as a beneficiary of an estate. In this video we will cover the tax treatment on inheriting a:
• House
• Retirements Accounts
• Stock & Mutual Funds
• Life Insurance
• Annuities
• Trust Assets
We will also cover the:
• Distribution options available to spouse and non-spouse beneficiaries of retirement accounts
• Federal Estate Tax Limits
• Biden’s Proposed Changes To The Estate Tax Rules
VIDEO LINKS:
Inheriting a House:
Non-Spouse IRA’S:
Spousal IRA’s: …(read more)
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
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"Could've SWORN TAXATION already APPLIED TO THOSE LEAVING WEALTH; now you Want a SECOND TAXATION!"
DEFINITELY THE PRODUCT AND DESIGN OF A "TRUST FUND BABY"
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Stolen Land from Black People.
White People Stole all are wealth… Karma Will Come…Stole everything. Won't Gift Back what y'all took! Karma
I inherited about 30K from 1/6 the sale of my mother's house (Louisiana Law – if you do all the paperwork ahead of time (we did) The surviving spouse (my mother) gets 1/2 of the sale and the children of the deceased parent (my dad) split the other half – 3 kids – so we each got 1/6. None of this should be taxable at all, but my question is, should I or is there a way to report this as non-taxable income, just so the IRS knows where I got that mysterious 30K from? (assuming they poke around in people's savings accounts…which I assume they do).
I am in New York Brooklyn Andy estate administrator how does taxes work do I have to do state taxes and federal because it's only $70,000
What can i do when a sibling moves into a 1st floor apt of a 2 family
home and doesn't want to pay rent ,not even utilities and just basically
living rent free. Even though she owns 1 /5 of the home. The will disappeared , so we just got my nephew as the fudicary from surrogate court . Now we decided not to sell and put deed in all five sibling names .Also how can we protect each other from neither taking a loan or taking money from estae account ?
There should be no taxes on inheritance. Taxes have been paid for years. That's the problem. The Government is taxing us to death. Constitution states we are only supposed to taxed once on anything. Our Federal and state Governments are taxing us numerous times on things. It is just wrong!
What when inherit stock hdqtrs in Canada and I get taxed USA and Canada deductions from dividend. I get USA refund as low social security income but no filing in Canada. How can I get that &&& also I do not get treaty tax percentage but pay full plus more than 30 percent.
So much good info here! Thanks very much.
Hi, I am from Nepal, I got email from Elizabeth williams from USA. She is suffering cancer and in last stage . Doctor said she will be no more in three month . She and her husband deposited some money in ecab bank and wants to give for charity to poor people, window women etc. But now the bank asked me I will be secondary beneficiary and for the inheritance fund transfer I have to pay 865 dollor for clearance certificate or change ownership certificate for us ministry probate courte . I don't know exactly what they are talking about ? Is scam or truth ? They said the money is in suspense account in ecab bank (Eastern Caribbean Amalgamated Bank).
What if the house/asset is in a trust?
what happens if you inherited a roth that is not more then 5 years old?
What if the HOUSE that is being left to a child is sold by the parent three months before parent dies, are there tax consequences like Capital gains tax the estate would own? If so, it the house was sold after the death of parent, no taxes are owed due to the Step Up provision?
Great job
My brother and I are beneficiaries of my sisters home. She passed a little more than 2 years ago. During probate we spent $ fixing up the house and paying off the mortgage and recently sold the property. We do not have an appraisal from 2 years ago but did research on comparable properties and her home sold for much more than it was worth 2 years ago. Will the $ we spent on her home reduce the "step-up" capital gains tax?
How are IRA's handled as far as estate tax is concerned? If I include the IRA as an asset in my taxable estate, I am also including the embedded income taxes in the IRA. In that case I'm paying estate tax on income taxes. Am I missing something?
I was wondering if the state inheritance tax is based on where I live or where my children live? We are in Michigan and one of my children live in Pennsylvania. Thank you
So much useful information!
The best simple on this complex top.
Thank you so much for this amazing video!!