1st question is what is the cost associated with getting a question answered.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I am in Oregon. I inherited
an investment portfolio from my parents. It isn't large, at the time I inherited it, we were told that because it was under a certain amount, we didn't have to pay taxes
on it. Now it has lost money and I am considering taking it out and using what is left to pay off my mortgage. I want to be retired with no debt. I just want to be sure I won't pay any additional taxes on it to cash it in and sell it off since it is under the amount I originally received. I am aware I would pay on any gains I made, but with the market as it is currently, that isn't an issue.
JA: When we are ready I'll take you to the appropriate web page.
Customer: I asked the question above
JA: Is there anything else important you think the Accountant should know?
Customer: no, Just I inherited 120,000 in investments, it is down to 110,000 now. I want to sell it off. I need to be sure I am still within the inheritance
amount so I am not hit with taxes on it.