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Recent Inheritance Tax questions

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.

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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

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A elderly couple lives in PA. The husband, who owns property

A elderly couple lives in PA. The husband, who owns property in Israel passes away in December, 2015. His beneficiaries are his wife (50%) & his 2 daughters (25% each).The property is sold in 2016. Do his wife & daughters need to register his will, file an REV-1500 Inheritance tax return in PA & pay the PA Inheritance tax?

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Dr. Fiona Chen

President

Ph.D.

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72 satisfied customers
I got money from the sale of our Philippine property from my

Hello Pearl,JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I got money from the sale of our Philippine property from my parents which both of them passess away years ago. I got a share of $98,000. Will I pay tax for this money. My parents are not Ameirican citizens. i live in California. Thank youJA: Is there anything else important you think the Accountant should know?Customer: Will I file for this money received from the Philippines and pay for the tax?

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Mark Taylor

Certified Public Accountant

Masters

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376 satisfied customers
When my mom passed away in 2012, the deed to her house had

When my mom passed away in 2012, the deed to her house had her name, myself and my two brothers. One of my brothers passed away in 2015. We decided to sell it in 2016, so we went through probate and had the deed put in my name, my deceased brother's wife and my brothers.We sold the house in 2016.My question? We split the sale of the house into thirds and each got $16,000. We are told we will be receiving a 1099 the end of this year. Do we have to pay inheritance tax on this ?

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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3,742 satisfied customers
A client holds a bank account in Florida. It's in the name

A client holds a bank account in Florida. It's in the name of husband and wife, both non US citizens and non residents. Account probably opened on a joint manner but individual signatures whether with or without right of survivorship. In case one of them dies will there be a US or Florida inheritance tax? Thank you.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I guess not. Will the Accountant need other information?JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Robin D.

Vocational, Technical or Trade School

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With regards to Real Estate Law and tax implications, can

With regards ***** ***** Estate Law and tax implications, can you answer a question for me?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,770 satisfied customers
Is an sales installment of stock in one state then moved 3

Is an sales installment of stock in one state then moved 3 years later taxable in new state for inheritance tax

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Robin D.

Vocational, Technical or Trade School

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20,622 satisfied customers
My father added me to a savings account of s. s reasoning is

My father added me to a savings account of his. His reasoning is that I can go and take it out right away so it doesn't go thru probate. My question is - will this be taxable income to me? I would not need the money right away and I'm ok with going thru the probate process. The amount is around $90,000. His total estate would be under $500,000

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Robin D.

Vocational, Technical or Trade School

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20,622 satisfied customers
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