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Recent Marital Deduction questions

If my wife passes away and leaves me with $140,000 dollars

If my wife passes away and leaves me with $140,000 dollars is it taxable as an inheritance or what?

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PDtax

Owner

Master's Degree

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I am a non resident non US citizen married to a US citizen,

I am a non resident non US citizen married to a US citizen, we live in London UKJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: Looking to buy a property in US, what is the most efficient way to do it from tax perspective?JA: Is there anything else important you think the Accountant should know?Customer: We both work and pay taxes in UK, my wife files tax returns in US but she pays enough tax in UK so that she does not need to pay any tax in USJA: 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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I am a U.S. citizen, and a naturalized Mexican retired and

I am a U.S. citizen, and a naturalized Mexican retired and living full time in México for over 30 years.My now exwife who was a Mexican non U.S. resident owned a business Mexico as a sole owner, and filed her taxes seperately.In our divorce the judge ordered the business to be sold and the proceeds be divided equally.My question is my divorce settlement taxable in the U.S.?

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Robin D.

Vocational, Technical or Trade School

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I am a UK citizen with a vacation home in Palm Beach, FL

I am a UK citizen with a vacation home in Palm Beach, FL that is approximately valued at $5 million. My health is failing and my wife will be the beneficiary of the home when I pass.My chartered accountant in the UK recommends I see an estate attorney here to set up a Qualified Domestic Trust so that my wife does not incur a large estate tax bill.Do you recommend I do this?

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Robin D.

Vocational, Technical or Trade School

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20,596 satisfied customers
I am on a non immigrant L1 visa living in the state of

I am on a non immigrant L1 visa living in the state of Indiana and in the process of buying a house. We plan to use cash to fund 80% of the purchase, cash that is located out of the country. The cash was left to my wife in a will and is fully tax compliant in the country of origin. The cash is currently in my wife's back account and the bank advise that given her name is ***** ***** the mortgage documents she needs to gift the money to me her husband. Therefore when the money is lodged into our joint account here in the US I can show the bank how it got there etc. The value of the gift is well in excess 50k USD. My question is are we liable for Indiana state or federal IRS based tax? Its my understanding gifts between spouses are not taxable however as we are not US citizens does this make a difference?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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Is there anyway to get money back out of an ILIT that is

Is there anyway to get money back out of an ILIT that is irrevocable or does that cash value of the variable universal life policy have to remain in the ilit I assume

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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16,742 satisfied customers
Shawn, I just reviewed the question asked previously

Hi Shawn, I just reviewed the question asked previously regarding the "grantor" question in establishing tax i.d. for revocable lvg trust where grantor has passed. You stated it is o,k. to have the responsible party and the grantor the same even though the online program lists the grantor name next to the grantor's soc sec number. It is confusing and I am a tax preparer/adviser, etc.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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My mother is 92 and she is in poor health. Whe has a trust

My mother is 92 and she is in poor health. Whe has a trust and I am the executor. When she passes away, how do I sell her house? I assume I get her a tax id and file a final tax return for my dad and mom. Is it this simple since she has a trust?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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I am sorry that trust was an irrevocable trust. My question

I am sorry that trust was an irrevocable trust. My question is the DNI. If the trust does not state a requirement for distributions, yet distributions were made, is it still a deduction on line 9 for the DNI section. The trust does state she may take and do what she wants with it. It also has $11,000 Capital gain. This trust is until she dies. This is not a final return.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

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8,926 satisfied customers
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