How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask ABC Accounting Group Your Own Question
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 649
Experience:  Business Consultant/Accounting Manager
Type Your Tax Question Here...
ABC Accounting Group is online now
A new question is answered every 9 seconds

1st question is what is the cost associated with getting a

Customer Question

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.
Submitted: 6 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 6 months ago.

Hi. Great Question. Yes - it is considered a gift. Only gains or interest on the account are taxable.

Customer: replied 6 months ago.
OK. So I should be OK with cashing out. I am guessing it is the same for both Federal and State of Oregon?
Expert:  ABC Accounting Group replied 6 months ago.

Yes, usually it is a federal tax item. However, here is a link to some additional information on Oregon tax:

Expert:  ABC Accounting Group replied 6 months ago.

Let me know if you have any questions.

Related Tax Questions