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Questions tagged [inheritance]

for questions related to the practice of passing on property, titles, debts, rights, and obligations upon the death of an individual. Please user appropriate "Country" tag.

2
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0answers
42 views

Tax on inherited property [duplicate]

I am USA citizen and I want to sell my inherited property in India. If I bring that money to USA, do I need to pay taxes in USA?
4
votes
1answer
158 views

Capital gains on vacant land

My husband inherited vacant land when his mother died in 1990. His parents bought this property in 1946 if that makes any difference. We are selling it and am wondering what we will end up with after ...
3
votes
1answer
181 views

My mother’s brother died in Germany. He had no wife or children. She is the only living sister

I would like to know if she gets half of what he had and then it is split with nieces and nephews? Or is it all the same? He had a document for his house that said the house is to be sold and will ...
2
votes
1answer
160 views

Old Barn House: Hidden Costs?

Thank you in advance, I never thought about money twice before visiting this site! Background Info: Germany. I am in my mid 20s. My long term boyfriend and I make around 100k a year together. He ...
0
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0answers
69 views

Inheritance keep or put into estate

In the state of Alabama if you receive a life insurance payout does it have to go to the estate? I received a check separately from the estate but from the deceased estate.
4
votes
1answer
175 views

After the sale of my company, I’d like to make a cash gift to a friend who worked as an employee of my company

The cash gift will be paid from my personal bank account from the proceeds of the sale of the company. I will have already paid appropriate tax on the proceeds received from the sale as per the rules ...
0
votes
0answers
37 views

How do I file an inheritance on my New Jersey tax return?

I inherited a bit of money from a grandparent that passed away last year. New Jersey has an inheritance tax but from what I looked up close family inheritance is not taxable. I want to make sure ...
1
vote
2answers
66 views

Death benefit into IRA or cash for mortgage

I am the beneficiary of what was left in my mom's state pension fund. I don't know how much it is, but the state estimates most people run through their pension funds (when they chose that option) in ...
3
votes
2answers
145 views

1/3 owner of home, can I use my part for down payment for mortgage and buy out remaining 2/3?

I inherited 1/3 ownership of my deceased parents' home. I want to buy out my 2 brothers. We are all in complete agreement of this. Can I use my 1/3 portion as a down payment toward a mortgage loan ...
4
votes
4answers
239 views

How to handle house inheritance planning if one child moves in and adds in-law apartment?

My dad passed away unexpectedly and has left my mom alone in their house. I have two siblings and we all have a great relationship which I want to make sure stays that way. My parent's house is too ...
2
votes
0answers
62 views

Would there be tax due on an inheritance received from a U.S. citizen that lived in the U.K.?

My mother passed away in August. She was a US citizen living in UK for 40+ years. Do my brother and I have to pay tax to bring the cash into the US? No tax had to be paid in UK. Not a big ...
1
vote
1answer
58 views

Taxes due on trust inheritance

What is the IRS form which will divide the tax liability of inheritance from a trust between the heirs?
4
votes
2answers
349 views

IRA Annuity when 1 of the 3 Beneficiary's owes estate

Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate. Since she listed the ...
5
votes
1answer
321 views

How to establish--many years later--the fair market value of real estate on the day someone died?

The home passed to an heir in 2012. The heir did not have the home appraised at that time. The heir died in 2017 and the home was sold in 2018. How do you establish the FMV in 2012? Notes If the ...
2
votes
0answers
78 views

Reporting requirements for a US citizen inheriting money from a relative in Ireland

An uncle of mine passed away and I will receive a small amount of money shortly. The amount will be considerably less than the $100,000 amount of IRS form 3520 (albeit this is not a gift as such). ...
25
votes
5answers
7k views

Economic viability of surviving the death of a sole provider leaving a $500k inheritance?

Consider a hypothetical scenario with an 18 year old living in the state of Maryland in the United States, in his freshman year of college studying for a four-year degree in an engineering field. He ...
2
votes
0answers
46 views

Canadian citizen step parent signing over US owned property to us citizen adult children

My mother who is a US Citizen recently passed, and my step father who is a Canadian citizen with permanent US resident who is living in Canada now with no plans of returning to the US. He doesn't want ...
168
votes
10answers
37k views

I'm supposedly eligible for an inheritance from a distant relative. Offer appears to be legitimate

About 12 months ago, I received a letter ostensibly from a company carrying out genealogical research for law firms. It said that they were dealing with the estate of someone who had left money to my ...
5
votes
2answers
153 views

Tracking Down Inherited Stocks

Recently, my father passed away. My mother is his sole heir (as is proper) and I am her only child, helping her navigate through to her new situation. All of us live (lived) in the United States our ...
3
votes
1answer
227 views

Can a life insurance policy benefit be paid if the estate is contested?

My grandfather passed away and left an insurance policy in my name. My mother is contesting the last will and testament due to another family member completing fraudulent acts with my grandfather's ...
18
votes
2answers
5k views

Can you gift someone money for purpose of investing to avoid capital gains upon inheritance?

After reading through information on capital gains tax and estate tax, I read that a heir of an investment does not have to pay capital gains on that investment. That is it's transferred free and ...
61
votes
6answers
11k views

Wife is cosigned on a credit card with her parents — real assets are also shared. How to protect my credit?

A few years ago I got a credit monitoring app and started watching my credit score (high 700's). It's been climbing slowly and sends me an alert when I apply for new credit - like when I bought a car ...
2
votes
1answer
55 views

Inheritance Tax on money received abroad

I am a dual UK and Bangladeshi citizen who recently inherited money from my father in Bangladesh. I want to bring the money over to purchase a flat in the UK. Would i be liable to inheritance tax?
1
vote
0answers
76 views

How to pay taxes on earning from an inheritance without commingling it

I am about to receive an inheritance that I would like to keep separate from my marital assets. The plan is to put it into a separate investment account in my name only. From my understanding, that ...
3
votes
1answer
97 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
6
votes
1answer
300 views

Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
4
votes
1answer
85 views

When and how to create a will document Vs. inheritance rules

I few questions related to will: Q1: Is there any particular kind of assets for which you must have a will document or inheritance rules are sufficient? In particular: Real Estate Automobile ...
1
vote
1answer
25 views

Valuation and Deductibility of Inherited Property

Under US tax law, when property is inherited, what are the rules for valuation and deductibility when giving it to charity? I have been assuming that when there is no taxable valuation for inherited ...
3
votes
0answers
69 views

Transfer from Russia to the US after inheritance

My adult children will inherit an apartment in St Petersburg Russia. After the complexities of selling, taxes, etc., will there be any problem with a bank transferring the proceeds to the US? Will US ...
2
votes
2answers
354 views

I'm 25 years old and about to inherit $100,000 CAD, best thing to do with this?

I have roughly $30,000 CAD saved already and I've been looking to get my own place, perhaps a Condo but the prices in the GTA are just absurd, you're looking at 500k for a 1 bedroom/1 den/1 bath pre ...
1
vote
1answer
201 views

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now. Pl answer following queries : Will gift tax be applicable in such case to donor (per Indian law) and/...
2
votes
1answer
76 views

Finishing university and not sure if I want to work in my field or to continue my dad's business [closed]

As context, I'm an electrical engineering student currently working on my bachelor thesis. Also, my dad owns a business that process flat glass by doing cuts, shapes, etc. with the majority of the ...
2
votes
1answer
220 views

If I’m beneficiary on a life insurance policy can gamy make me share it

My mother in law named me as her beneficiary on her life Insurance policy. She lived with me for many years before passing. We are in the state of North Carolina . One of her sons has decided that he ...
1
vote
2answers
150 views

Why is capital gains tax on inherited stocks calculated based on the value of the stock when inherited? [closed]

Here in the US, my understanding is that if you inherit a stock, then eventually sell the stock, the capital gains tax is calculated as if you had bought the stock at the price that would have been ...
1
vote
0answers
61 views

Uniform gift to minors act stock sold by state under escheatment?

My grandmother bought me a stock of Disney when I was born and now in graduate school I decided now would be a good idea to cash in on the stock. It was only one share but the stock has split 1:3 and ...
1
vote
1answer
206 views

Which acquisition date is considered when calculating capital gains tax for inherited mutual funds in India?

Let's say (in India): Ravi's father bought units of an MF on 01-Jan-2011 Ravi's father passed away on 01-Jun-2015 The inherited units were credited (transmitted) to Ravi's account on 01-Feb-2017 ...
2
votes
0answers
81 views

In the U.S., is one who inherits artwork, antiques, or other such goods required to professionally appraise them before selling them?

Artwork, antiques, or other such goods: the category I am trying to refer to is those things which are sold on a market which is not liquid enough for it to be immediately obvious what the market ...
3
votes
3answers
4k views

how to transfer inheritance money to US legally

I have inheritance from my mother in India and would like to bring in USA. I have NRO/NRI account in India. I am aware of 15CB & 15CA forms need to complete. I know that legally I can bring $10,...
2
votes
1answer
587 views

Transferring inheritance money from USA to the UK

I have some inheritance money that will soon be paid out in the US (I am a US citizen). I would like to transfer it to the UK, where I currently live, to help buy a property. Will the money be taxed ...
1
vote
1answer
81 views

Tax forms required for heirs who receive money from sale of an estate?

The probated estate is small; no state or federal taxes will be owed for the estate or for those who inherit. The property will be sold and money distributed to the heirs. Are federal 1099s still ...
1
vote
2answers
240 views

“Guesstimating” the value of a property

Country is Germany, in case that’s even relevant. Some fifteen years ago my parents bought a property together with one of my brothers (referred to as “brother A” further down) and his wife (so each ...
1
vote
0answers
101 views

My family inherited a shopping center which we have sold.I'm 73, with only $476 in income a month. My share:$119,000. Will I be taxed? Land Swap?

I'm one of nineteen (1/19) who will receive a check for $119,000 dollars from a shopping center we inherited. I'm 73, receive ONLY $476 Social Security a month and have NO OTHER INCOME. I also have ...
2
votes
1answer
108 views

What is the tax liability from an inheritance from a trust and reported on a K-1 form?

I'm receiving an inheritance from the death of my grandmother. The money is being distributed from a trust, and I am told that the distributions are going to be reported on K-1 forms and I will need ...
45
votes
2answers
7k views

Best way to make sure my son has an income after I have died

I have a son with special needs, he is autistic and has learning difficulties. It is unlikely he will ever have a 'normal' life or be able to financially support himself. I am extremely worried of ...
3
votes
1answer
638 views

28 years old and just inherited large amount of money and real estate - unsure what to do with it [closed]

So a little info for starters: as said in the topic, I'm 28 years old and come from a quite well-off family. I actually earn quite a lot of money myself, but I never get to use it - I spend at most 1/...
4
votes
1answer
607 views

What should a 19 year old with a moderate inheritance look for in a financial advisor?

This is not about me, but for the step daughter of a friend of mine. Her parents were divorced, her mother died. She is an only child and getting the assets from the estate. My friend isn't sure ...
3
votes
1answer
240 views

Should I be concerned about inherticance if sibling is living with parents?

My parents are about to retire this year, and have a comfortable pension from my Dad's various trade jobs he's worked over the years ($120,000.00/year), which is corrected for inflation each year. ...
0
votes
2answers
451 views

Reality Check for friend

A friend from China just inherited from grandparents in Shanghai (from a very wealthy family) these items. Who could I contact to discover their authenticity and help her perhaps understand the best ...
24
votes
1answer
4k views

I am distributing an inheritance based on verbal bequests. Is this considered a gift that must be reported to the IRS?

Before my mother died recently she gave me a verbal list of bequests she wanted to make that were not in her will. Some of these exceed $14k. I will be paying them out of my own bank accounts with ...
2
votes
5answers
416 views

Family inheritance and property

I would like some advice on property allocation between siblings and parents. We all live in England. I have a sibling whom I love very much. We both get along with our parents who are divorced. We ...