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Results tagged with Search options user 5760

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.

3
votes
It is worth elaborating on a point raised in @pri's answer. Since the value to the inheritance is more than US $10K, the OP needs to declare the existence of those foreign assets (NRO/NRE accounts …
answered Mar 6 '18 by Dilip Sarwate
3
votes
are not taxable income to the recipient, and any estate tax due on the inheritance should have been paid by the estate before the trust received the inheritance money (or the trust should have paid the … the distributions to beneficiaries if the estate tax or the income tax due from the deceased was not paid by the executor(s) of the will before all the inheritance was distributed to the beneficiaries …
answered Feb 6 by Dilip Sarwate
3
votes
answer says more succinctly, what you inherit is net of estate tax, if any. What you receive as an inheritance is not taxable income to you either. If you receive stock shares or other property, your …
answered Mar 15 '13 by Dilip Sarwate
3
votes
You don't need to submit a K-1 form to anyone, but you will need to transcribe various entries on the K-1 form that you will receive onto the appropriate lines on your tax return. Broadly speaking, a …
answered Nov 10 '17 by Dilip Sarwate
3
votes
Many state pension funds are effectively (not actually) converted into annuities in the sense that monthly pension payments (whose amounts are determined by number of years of service and salary leve …
answered Feb 8 by Dilip Sarwate
14
votes
A 401k plan will ask you to name a beneficiary who will receive the funds if you don't withdraw them all before death. Usually, a primary beneficiary and a secondary beneficiary is requested. If you d …
answered Aug 2 '12 by Dilip Sarwate