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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 578
Experience:  10 years experience
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My wife is expecting to receive about $25,000.00 from her

Customer Question

My wife is expecting to receive about $25,000.00 from her mothers estate in New Hampshire. We live in Florida. Will she have to report this on her Federal Income Tax form? If so, what is the tax rate?
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: Does my wife's age have any issue....she is 71.
Submitted: 3 months ago.
Category: Tax
Expert:  emc011075 replied 3 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Where's the money from? Is it an inheritance?

Expert:  emc011075 replied 3 months ago.

Inheritance is generally is nontaxable but if you inherit income producing property like a rental house or stock, the income received after the death of the original owner can be taxable. For instance, if you inherit rental house, the house itself is not taxable but if you collect any rent, the rent is. If you inherit a stock, the fair market value of the stock on day of inheritance is nontaxable but dividends paid after is considered taxable income. Similar rules would apply to gifts; property received while the original owner is still alive.

Expert:  emc011075 replied 3 months ago.

Any questions?