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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 511
Experience:  Business Consultant/Accounting Manager
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I am administrator of an estate account of my late sister.

Customer Question

I am administrator of an estate account of my late sister. The holdings are in corporate bonds. Rather than liquidate, if the account were divided into two brokerage accounts for my other sibling and myself, if it taxable?
Submitted: 8 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 8 months ago.

Hi. I answered via the first question. Have a great day.

Customer: replied 8 months ago.
Excuse me? I do not see any answer. Just the note above.
Expert:  ABC Accounting Group replied 8 months ago.

Sorry - I noticed that it had been deleted (system error). You have a 5.4 million estate lifetime deduction, before you have to pay any estate taxes. The deduction varies based on state. NJ has one that is around the 600k's. You can divide the accounts. Confirm that all her expenses have been paid and if there are any stipulatons in the will concerning expenses and the payment of taxes. If you do have those accounts in your names, you will only have to pay taxes on the interest/dividends via your 1040's. Best Regards.

Expert:  ABC Accounting Group replied 8 months ago.

Have a great afternoon.