Will beneficiaries get taxed on their inheritance?
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Why is your video reversed?
Do you provide help for people in Washington only? I'm in Texas and have some questions.
Do I need to file estate taxes for any money that was left in the decent bank account <75k , and what about a Robinhood account with stocks worth about 6k do I just pay taxes on the trading profits that were acquired after mom’s death?
My father passed away 2016, and he has an inheritance worth of $2m, i and my mom relocated to Romania that was when I spend all my childhood and I came back to us in 2008, but I don’t live with my father at all before he passed away,but I’m the only child that he gave birth to and after his death I wasn’t able to claim the inheritance then, but my question is where will I start cos I don’t have any idea about the inheritance but I have went to the local attorney that in change of the inheritance couple of time and I don’t want to be screwed up so what do I do ?
Thank you for the video!
Quick question. Grandmother lived in the state of Washington. She passed and her two sons (California residents) inherited $60k. $30k each. After 3years the IRS is now taxing $17k for the whole $60k. The money is already spent. Does this sound right? $17k for $60k inheritance for IRS?
My grandma in Cali passed away. The executor, my aunt, claims she had a savings that matured this month and so wrote me a check of 10k… I live in NM. Is receiving a large check like that considered non taxable inheritance? My dad mentioned a CD but my aunt did not…
Second question: if I put more than half of it toward an IRA, will that be something that a government program looks at? I can't touch the money really until it's time. I'm 30.
Thank you so much! This is the only place I could find clear info on the reason for a K1 vs other "normal" circumstances.
My sisters and I get income from a state of Arizona retirement account that is still paying the estate due to a divorce decree giving our mom part of my dad's retirement. He is still living, so the payments continue to us until he dies. We file an estate return, then each of us is given a K1 and pays taxes. We have money going into a bank account and then give it to my dad, minus accounting fees. (We all feel he deserves it.) Each of us pays significant taxes, but his would be minimal.
I was hoping there was an easier way, but I'm not sure since it seems AZ retirement system can't change it and make the money go to him … at least we think. (They say we can decline the money, but they can't assure us it will go to my dad. They can somewhat "randomly" give it to another family member or ??) If there's a way to handle this that doesn't cost a fortune, let us know and we'll hire you since we'd save a lot of taxes!
I appreciate your video — not too long, but had important info! Thanks, again!
My lady (we are not married so it has nothing to do with me). She inherited around150k(all cash )in 2017.she got a letter I think in 2019 stating she owed a capital gains tax(I thought it had to be a mistake)she no property to sale just the cash. I realize I lack a lot of info… So question should she have to pay capital gains on a cash inheritance. A friend that does taxes thought in the fact that the executors of the trust her sister and husband did not like my girl
I wish the video was louder .
Good info thx
Do I need to put my Form 1041 Schedule K1 on my income tax return?
Short and to the point. Great video!
My sibling bought me out of my share of deceased parent's house. Is this taxable?
Thank you, Christopher.
I live in a low income apt. Last year I received a inheritance from land sold when my brother was killed. It was split three ways. My question is where I live, a government housing apt they do recertification s every year asking for out bank statements can they charge me on the inheritance. It's non taxable here in Missouri, and it wasn't earned income so can they do anything?
In most states there is no inheritance tax up to a certain limit that is beyond most people's reach. HOWEVER, everyone should be aware that if you inherit an IRA/401k/403b or other pre-tax retirement account, all the money you receive from that account is fully taxable at the rate appropriate for your income level. It may have been inherited, but the IRS still will demand their cut as you take distributions on the inherited accounts over 10 years.
I got so confused on the rentals. I own 5 rental homes, all leased. When I die, they will go to my 4 children. Will there be IRS taxes owed on them? I am in Texas.
Your videos have been really helpful.
Hi there. I’m going to inherit a house with tenants inside. If I sell the house will there be a capital assess to it
good for you for overcoming the alcoholism in your family
I live in New Jersey, I have a brother that lives in California whose passed away there. I am going to be inheriting cash only which I should be receiving early 2022. Will there be a New Jersey Inheritance Tax I will have to pay? Since he was a residence and Passed away in California is the question about the NJ Tax. Thank you for any help!
My father had dementia never took a step-up or trust on apartment building owned/lived in with Partnership with Mother and Uncle. Building was purchase in 1969 and mother died 1988. Partner uncle sold building in 2010. IRS came after my father for Capital gains and he was paying back money until 2015. Federal tax lien was issued august 12018 and father died August 11, 2018. Next of Kin was not allowed into his apartment owned by family members? His estate was not probate,too! What should we do? This is expense and complicated case?
My wife and I sent in a joint tax return in April 2021. She passed away in July 2021. How do I take care of her signature on the amended return now for something that was missed on the sent in return?
Brother past away, he had $1,700 in his Bank Account. Bank released the funds. Do I pay tax on those funds?
Thank you
Im sole Beneficiary to my Mothers Merrill Lynch accounts , and when the account ownership changed , Merrill Lynch held back 20% for Federal Income Tax. I was told I had to file Income Tax because those accounts are considered Income. I paid $36,000 in taxes just on one Inherited IRA that has $180,000 in it. I live in Texas and theres no Inheritance Tax . Am I entitled to receive that money i paid in taxes back? If so, how do i go about it? IRS says Merrill Lynch owes it. Merrill Lynch says IRS owes it. If i dont file an Amended tax return, i can get fined $19,000..
Where do i start?
does this apply to California? we are expecting an inheritance this month.
I am in a strange situation with being a beneficiary of a trust. My father passed right at the onset of covid. He had a will made up shortly before he passed and to my knowledge the executor and myself are to split the estate equally but my sister as the trustee administers it……It's a long story…..
I have many questions.
Thanks for the information. Question: My wife received an inheritance from her father who was a dual citizen (US and South America). He was living in South America at the time of his death. She wired the money back to US. Since he is a US citizen will 3520 still be the correct form or is there somethingelse?
What about inheriting an IRA? Would that be taxed?
My 2 siblings and I inherited our mother's house (no mortage) and I have decided 6 months later to pay them cash for their interest in the house. I have lived in the house for 20 years while I took care of her and will continue to live there for at least 2 years after an agreement on price is made. What are the tax issues we might face with this arrangement?
Rock chalk!
Intestate home passed to children in Ca. 2021, what taxes will have to be paid? some say none, some say step up basis of home, real confusion.
Living in WA, does this no income tax include trusts? Would the beneficiary pay income tax on the money given from the trust?
Also would a individual have pay tax clearance thank you.
I wanted to know if I have to pay tax on an inheritance if my relative evaded taxes the he evaded over $27 thousand
Awesome. Inheritance from deceased proceeds from sold home California. No taxes taken out yes? Accountant requested SS. And I received K 1. Thank you great help you're awesome
Thanks for this. For those who are studying about inheritance taxes and watching this in 2021, you may want to watch my related video on @
bro you are a lawyer but can't afford a camera with good audio? what the hell
should i transfer it or wait till the beneficiary gets it. im in Florida. please answer me
so what are the two states that do income tax on inheritance?