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.
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
Vocational, Technical or Trade School
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?
Vocational, Technical or Trade School
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?
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?
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
Tax advisor and Enrolled Agent
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.