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.

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176
votes
11answers
43k 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 ...
3
votes
1answer
4k views

How to transfer inheritance money from India to USA

I'm a US citizen. My father, who was a citizen of India, died last year. My father had CD in Banks and a property in India. The property was legally sold and all taxes in India paid. We are 4 sisters, ...
2
votes
1answer
270 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 ...
14
votes
6answers
6k views

What should a 21 year old do with £60,000 ($91,356 USD) inheritance?

I'm turning 21 years old soon and have an inheritance coming into my control to the value of approximately £60,000. I'm full-time employed, as a Software Developer in a Financial Services company. I ...
10
votes
2answers
886 views

I inherited a lump sum and paid off my debts. How can I preserve the value of remaining capital?

I managed to benefit from an inheritance lump sum payment overseas. After paying off my debts, I will still have majority of that inheritance lump sum. My goal for that money is to preserve its value. ...
15
votes
3answers
1k views

Own my home, have no debt, and must start taking RMDs on an Inherited IRA. What should I do?

My father passed away and I have a sizable amount of money in an inherited IRA (about 2 times my yearly salary). I don't have any debt to pay off as I already own my home, auto, no credit card debt, ...
9
votes
4answers
3k views

Gift house to parent then inherit it back to increase basis?

(Question for USA taxes.) Let's say that I have one remaining parent who is quite advanced in age. I own an investment house that has appreciated in value significantly. I want to sell it eventually, ...
4
votes
1answer
1k views

How is an inheritance taxed in the United States?

My wife will be receiving an inheritance from her Uncle's estate. What are the federal tax implications?
2
votes
4answers
216 views

What's the official reasoning behind “stepped-up basis” when selling inherited property?

Note: "official" here means "on-paper". Meaning: I'm not asking what's the true reason this stepped-up basis calculation exists, but rather how it's justified on paper. This is to prevent this from ...
2
votes
2answers
255 views

canadian citizen who has not filed a canadian tax return in 30 years

i'm a canadian citizen, have always lived in canada, and have not filed a tax return in 30 years. I also have not been in anyone's 'employment' during that time. In addition the last income I did ...
1
vote
1answer
96 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 ...