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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43 views

Mom gifted me property that she inherited what is my cost basis? [duplicate]

The land was inherited by my mother around 30 years ago and was transfered to my wife and I in 2014 as a gift.She passed away in 2016. I sold the property for 23,500 in 2019. What is my cost basis? do ...
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237 views

Money stoped by UK fraud dept

My fiancee got her inheritance from her father's account he put in the bank before he died. Now it had the stamps to leave UK but was stopped by UK in Canada, because it could be money laundering or ...
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14answers
14k views

Best way to invest $300,000 inheritance for a couple intending to retire in 10 years

My wife and I are getting older and have a target to retire in 10 years. We just inherited $300,000 from a family inheritance (from liquidated property). So this money will come shortly and I'd like ...
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1answer
45 views

If a UK citizen living and paying tax in California USA has a UK relative die, what US tax would they pay?

If you have a relative living in the UK die and leave an inheritance (eg over $1m), how much total US tax would you pay? How much more would you pay vs being in the UK?
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1answer
121 views

Do I need a will if beneficiaries are designated?

Beneficiaries are properly designated in brokerage accounts: spouse primary, children secondary, etc. The only major thing outside brokerage accounts is the house. And I live in FL. Should I bother ...
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1answer
128 views

Inheritance withheld due to taxes from USA

My girlfriends dad died last year and left her a sum of money through a company called fidelity. She received a lump sum but some of the money was withheld pending her father's tax return. She was ...
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0answers
65 views

What tax is owed on money inherited from the US, by a UK citizen?

A deceased aunt of mine who has lived in the US for most of her adult life (50+ years) has recently passed away and left a sum of money in an investment bank (schwab) to be divided up among 4 cousins. ...
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1answer
82 views

Lifetime ISA with small stake in an overseas home

I have been using a Lifetime ISA to save towards a deposit on the purchase of my first home. Recently, I inherited a 12.5% share of the house in Germany in which my father currently lives. The rules ...
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1answer
51 views

How much of an RMD from an inherited IRA with basis is taxable?

My wife received an inherited IRA last year, so took an RMD (required minimum distribution) last year (still under the pre Secure Act rules, thought that doesn't really matter). We got a 1099R for ...
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1answer
126 views

Chances of paying U.S inheritance tax as a non U.S citizen

I want to invest in Vanguard's S&P 500 ETF. I am not a U.S citizen, but I'm married to an American woman (she got a passport but no SSN) and we are not living in the U.S. and got no other assets ...
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4answers
246 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 ...
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What does “your tax cost” mean in the context of inheriting wealth from a spouse?

Tax Planning for You and Your Family 2019 by KPMG. p 244. 16.2.6 Death of a partner When an active or retired partner dies, the partner is subject to the tax rules that generally apply on ...
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1answer
102 views

What is the advantage of creating a new basis for a valuable asset during an inheritance?

I understand that when a person dies and leaves an asset as a bequest, then a new cost basis is established for the asset. This can possibly be advantageous for taxes, but I don't see exactly how. ...
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UK: How does gift holdover relief interact with potentially exempt transfers?

An elderly acquaintance is considering gifting some shares in the family business to his children. There is significant capital gains accrued on the shares (which said relative has held for decades), ...
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1answer
86 views

Spain: Inheritance taxes due for UK citizen living and working in Spain

Consider a UK citizen who is resident (namely living, and paying income taxes, but not of permanent residence or of Spanish citizenship) in Spain and becomes an heir/beneficiary of a UK death estate. ...
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3answers
168 views

How does one determine the debt owed to a trust if trust money was loaned to buy property?

The question is a bit difficult to grasp so let me give some background first. Let's say person A uses some of his own money and loan's money from person B to buy a house (at an interest rate lower ...
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1answer
167 views

Are all the capital gain of a house or stocks tax free and have a new cost basis if passed as inheritance?

I was watching a YouTube video by TechLead, and he said that in USA, if a house or stock is passed down as inheritance, then it has an adjusted cost basis of when the person passed away. So as an ...
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0answers
261 views

Italian bank will not freeze/close dead mother's account

This is a brief overview of what happened, there are complicated details, this is just the highlights. My mother-in-law died 4 years ago. She was an Italian citizen (born in the UK but lived in Italy ...
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1answer
96 views

Are inheritance tax and capital gains due on UK property joint owned by parents and children?

Around twenty years ago my parents amended the ownership of the family home so it was jointly owned one quarter each by my parents, my sister and I. At the same time they made wills stating that their ...
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2answers
486 views

Is it more financially sound to own 100% of one property or 50% of two properties?

Property A: 3-bed flat in a decent location, say, worth $100k Property B: 2-bed flat in a marginally worse (but still decent) location, say, worth $75-80k Person X and person Y both inherited 50% of ...
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1answer
510 views

Grandmother's MetLife policy showing up as unclaimed property

Last week, a former co-worker encouraged me to search for unclaimed property in Michigan. I've done this before (several years ago) and did not find anything. However, since I changed jobs a few years ...
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179 views

Does the IRS notice if the same estate is left sequentially to a series of spouses? Does it care?

Sorry if this is too frivolous. Just tell me nicely if it is. It is very hot, and my mind drifted -- as whose would not? -- to estate taxes. As many of us know, in the US, any amount may be left ...
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50 views

Lowest tax implication for selling an inherited house

Context: A homeowner passed away in 1999 and the house ownership was moved into a trust. At that time the house was worth ~120k. It is now worth ~400k. The beneficiaries are divided equally among 3 ...
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4answers
18k views

I was contacted by a private bank overseas to get my inheritance

Someone I knew, who was in a Mexican prison, has passed away and apparently this person has left me money. The bank called me and gave me details to log into an online bank account where I could see ...
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1answer
230 views

Options for Protecting Inheritance Before Death?

My mother is starting the process of selling her house and downsizing to an affordable apartment. The house sale will leave her a fair amount of cash that she will use to close the gap between her ...
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1answer
185 views

Inheritor dies before trust distributed, then what?

A man, say, Hilbert, buys second-to-die life insurance, then dies. Then one of his inheritors, Daniel, dies. Then Hilbert’s spouse dies, making the policy ready for distribution to the inheritors. Is ...
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2answers
5k views

If you inherit a Roth 401(k), is it taxed?

My understanding is that a Roth IRA can be inherited and the U.S. government doesn't put an inheritance tax on it. Does that also apply to a Roth 401(k)? In other words, if I died, would my children ...
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1answer
121 views

Executors distribution

If I am a beneficiary and inherit a property and and insurance policy. Can the executor put a large chunk of the money back into the estate without my consent. There are no debts on the house, just an ...
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2answers
113 views

Shore House title signed over 6 year ago to 3 siblings

My mother has been paying the taxes and home owners policy for the last 6 years for our shore house. My sister and I have been paying the taxes and home owners insurance (for the last year and half) ...
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1answer
147 views

Heritability of Student Loan Debt in Colorado

If a person does not pay his or her student loan debt off before he or she dies, what happens to that debt?
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2answers
174 views

How to structure a loan on inheritance?

My wife's father died last year and left a decent sized inheritance to my wife and her two brothers. The estate is complex and includes multiple IRAs and two trust funds, so settling the estate has ...
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0answers
49 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?
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1answer
189 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 ...
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1answer
304 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 ...
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1answer
205 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 ...
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74 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.
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2answers
321 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 ...
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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 ...
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2answers
72 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 ...
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2answers
188 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 ...
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4answers
271 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 ...
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0answers
85 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 ...
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1answer
71 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?
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2answers
353 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 ...
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1answer
342 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 ...
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0answers
82 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). ...
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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 ...
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0answers
47 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 ...
178
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11answers
44k 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 ...
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2answers
181 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 ...