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Recent Inheritance Tax questions

I have recently been sent a Inheritance Tax Return analysis

Dear Sir or Madam:I have recently been sent a Inheritance Tax Return analysis from a NJ Tax attorney working on a draft of my Uncle's Estate. I reside outside of New Jersey and listed as a Non-Resident Decedent. My uncle left two small properties, one has a pending signed contract AS_IS ( with liens, mortgage, and back taxes owed) and another property ( liens, mortgage, back taxes owed) to be sold as is with a potential buyer ready to purchase. The amount owed to the state is outrageous especially on two inherited small properties at a rate of 15%. (*The numbers range from tax of $16,650,.$14,250, and a tax of $11,669*)The NJ Attorney says these are the options/ methods available:1) Simplified Tax Computation2)Ratio Tax Using Net Estate3)Ratio Tax Using Gross EstateQuestion:1) Are Non-Resident Inheritance Tax avoidable?2) What questions should I be asking this attorney before committing to any of the above 3 methods/options?3)Do you know of any other other approaches -that come to mind- that can be calculated for this Estate to lessen the cost?(Note, this attorney deals with "high-profile individuals" ...we don't meet this criteria, another story)Thanks for your reply.Al

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,924 satisfied customers
My wife and I have assets with a fair value of $1,400,000.

my wife and I have assets with a fair value of $1,400,000. my wife passes away intestate leaving me $350,000 and each of her daughters $175,000. assume it's all W-2 type earnings. will these inheritances be taxed as ordinary income?

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39,128 satisfied customers
My parents want to add me as JTWROS to a brokerage account

My parents want to add me as JTWROS to a brokerage account with stocks, bonds, and funds, that will currently pass to me in their will (I am an only child). We all live in PA. Assuming I don't access any of the assets, does/could this cause a loss of step-up basis for some portion of the assets?

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
My husband is a JP national with permanent residency status

My husband is a JP national with permanent residency status in US. I, his wife, am a US national. My husband's sister (JP national, Australian permanent resident) passed away 6.5 yrs ago . we've received confirmation on the closing of her estate. Next step is the distribution of the inheritance between my husband (resides in Texas) and his brother (resides in Japan). Wondering if we need to hire counsel here in US on what forms need to be filed, are there inheritance tax items we need to be aware of, etc.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: There is also the matter of honoring his sister's wish to provide monetary gifts to a few friends in Australia.

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
What are the taxes in Utah for an inheritance If I'm on

What are the taxes in Utah for an inheritanceIf I'm on Social Security and I get an inheritance do they have the right to take it and do they take it

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Barbara

Enrolled Agent, Paralegal

6,114 satisfied customers
Grandfather died in 1980 and taxes have been paid in his

Grandfather died in 1980 and taxes have been paid in his name..will we have to pay more taxes when property is probated?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I received an inheritance last year when my mothers estate

I received an inheritance last year when my mothers estate was finalized. Do I have to report that income to the UK Inland revenue? My mother was domiciled in the UK, whereas I have been domiciled in the US for over 20 years.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: The inheritance was less than $300K.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

20,616 satisfied customers
I received $40000 on the sell of a house now my parents want

I received $40000 on the sell of a house now my parents want me to turn it over to them. But I will be responsible for the taxes how do I make them responsible for the taxes

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Mark Taylor

Certified Public Accountant

Masters

3,302 satisfied customers
My mother passed away last year, and soon the probate on her

My mother passed away last year, and soon the probate on her estate will be complete. I am working in the US on a H1B visa, and my mother was never a US citizen or green card holder. I will be inheriting some property and money from her in Malaysia. I intend to leave the money in Malaysia. What are my obligations in terms of tax reporting in the US? Will any inheritance tax be applied to this? If so is there any double tax relief agreements between US and Malaysia? There will also be a portion of her money that has been designated to be put into a trust for any future medical issues I may have. Will there be any tax implications in US on this trust? Thank you.

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Robin D.

Vocational, Technical or Trade School

23,372 satisfied customers
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