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Recent Inheritance Tax questions

I live in NJ. My father just passed. I have 2 sibling and we

I live in NJ. My father just passed. I have 2 sibling and we will inherit a house. At what point to I need to have the house appraised and what steps do we need to do to not pay taxes

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,276 satisfied customers
My brother died recently without a will. Our mother is his

My brother died recently without a will. Our mother is his legal next-of-kin so his estate will go to her. She would like to share it with her children and grandchildren. I understand that she will not have to pay inheritance taxes (estate is less than $500,000). But, if she passes some of that money to her offspring, is that considered by them to be an inheritance (no taxes) or a gift (amount over $14,000 is taxed)? Is there a time limit on such a distribution? Thank you.

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Mark Taylor

Certified Public Accountant

Masters

940 satisfied customers
I am a card holder currently living in the US. I have

I am a green card holder currently living in the US. I have received an inheritance in the UK that falls below the inheritance tax level. If I transfer this money to the US will I have to pay any US taxes?JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no

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Robin D.

Vocational, Technical or Trade School

20,950 satisfied customers
I could potentially inherit real estate property which is

I could potentially inherit real estate property which is located in India. what are the taxation surrounding such inheritance? I reside in Massachusetts?Are there any inheritance tax, income tax or estate taxes when I inherit it and what are taxes when I sell the property and bring the money back to USA?Can I continue to hold the property in India and do I have to show such property when filing tax return in USA? Also when I sell the property I will be paying taxes in India do I have to pay taxes in USA as well if the taxes are already paid in India? if so what kind of taxes do I incur?

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Robin D.

Vocational, Technical or Trade School

20,950 satisfied customers
I purchased an investment property about eight years ago.My

I purchased an investment property about eight years ago.My basis is about 72k. My sister has lived in the home the entire time. I receive Mo rent, she pays the monthly mortgage which includes property taxes and insurance. I have not claimed depreciation. on tax return, it zeros out on rent/ mortgage. DMV is close to 125k, with a current mortgage of 65k. My sister wants to buy it for the outstanding mortgage with me gifting to her 50 to 60 k in equity. Would I owe capital gains on the difference?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
My brother set up a Trust before he passed away in 2003 with

My brother set up a Trust before he passed away in 2003 with my mother as the beneficiary. The Trust ceased in 2015 upon my mother's death and my sister and I become equal owners after her death. This involves an investment property that my brother purchased in 2000 for $230k but upon his death, the property was worth $750,000. Upon my mother's death in 2015, the property was worth 2.2m.Does the Trust have to pay any capital gains tax after the transfer from the Trust to my sister and I considering they took depreciation for 12 years?Is my tax basis (1/2 of my sister) based on the time the Trust was form in 2003 or when it was transferred in 2015?

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
I inherited 51k i file joint return with spouse we both

i inherited 51k i file joint return with spouse we both receive social security 25k per year and i receive 18k veteran disability and 4k retirement. How much of the 51k should i set aside for tax payment

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

4,002 satisfied customers
OK, This is 1116 and. T/P sold real property non business at

OK, This is 1116 and amt.T/P sold real property non business at a lT gain of 946,309 in South Korea. She lives here in the US. She paid a foreign tax on it of 405,319. She does have 9600 in wages. That is it. No other income. standard deduciton. no dependents. I am putting this as passive ordinary income on the 1116. Correct? Do I put this on the line for qualified dividends and capital gains from Country? I feel like I am going in circles. This is also triggering AMT.

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Dr. Fiona Chen

President

Ph.D.

294 satisfied customers
How are life estates handled in exit tax forms if you

How are life estates handled in exit tax forms if you renounce us citizenship prior to the life estate expiring

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Robin D.

Vocational, Technical or Trade School

20,950 satisfied customers
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