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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 46171
Experience:  29 years of experience as a tax, real estate, and business attorney.
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Hello, I have an estate question that I hope you can help me

Customer Question

Hello, I have an estate question that I hope you can help me with.
My parents past away and received about $12000 from their coop. The money is still in estate account and I am voluntary administrator I have a brother that i will have to split this money with. Do I have to report this income? and pay tax on it?
Please clarify this issue for me.
thank you
Ed Ryabo
Submitted: 11 months ago.
Category: Tax
Expert:  Richard replied 11 months ago.

Hi! My name is XXXXX XXXXX I look forward to helping you!

Could you clarify the situation a bit for me? When did you inherit this money? Was this money from the sale of the coop? Thanks.
Customer: replied 11 months ago.

My parents lived in a low income coop, that required initial deposit of about 15k. When I gave their apartment up I received a check for just under 12k, due to some fees and expenses associated with apartment repairs etc. My father passed away in 2012, but I received the check in 2013.

Expert:  Richard replied 11 months ago.
Thanks for following up. This would not be income to you. Rather, this is an inheritance and thus reportable or taxed as income. And, you owe no inheritance tax because there is no Federal or NY state inheritance tax. On the estate side, there is only an estate tax that the estate would owe if the total estate is in excess of $5,250,000 for Federal taxes and $1,000,000 for NY taxes. As long as your estate is under this amount, there would also be no estate tax.


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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 46171
Experience: 29 years of experience as a tax, real estate, and business attorney.
Richard and 6 other Tax Specialists are ready to help you
Expert:  Richard replied 11 months ago.
Thank you so much for the positive rating! I truly appreciate you taking the time to do that!

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