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Recent Taxable Estate questions

My father in laws estate received a 1099-LTC for $4,500 is

My father in laws estate received a 1099-LTC for $4,500 is this taxable income to the estate? If so where does it get reported?

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Charles Markham

Principal

Masters Science Taxation

770 satisfied customers
My wife died on 10/10/2016. Will no trust. Nevada residents.

My wife died on 10/10/2016. Will no trust. Nevada residents. Different brokerage accounts are giving me different answers on the "step-up" of cost basis adjustments.JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: UBS says the step-up is 100% for trusts but only 50% in my case as a common will..JA: Is there anything else the Accountant should be aware of?Customer: I'm looking for the correct IRS laws or what publication covers these questions. My Vanguard broker seemed to suggest the step-up would be @100%.

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39,738 satisfied customers
I have a question regarding estate tax on stock option my

Hi, I have a question regarding estate tax on stock option my employer granted to me in the US. I'm not a US citizen, I don't live in the US, and I don't have a green card. I was informed that if I own assets in the US for an amount greater than US$60,000, my heirs will pay inheritance tax of around 40%. I wouold like to know if that applies also to vested stock options. thanks, eduardoJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: I don't think so

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Barbara

Enrolled Agent, Paralegal

6,522 satisfied customers
I am a Tax Preparer, I have little experience with estates,

I am a Tax Preparer, I have little experience with estates, but I am trying to help a client who is a friend. Her father passed away a few years ago without leaving a will. Hi lived in New Jersey, My client who is the sole heir lives in Massachusetts.She paid someone to get her inheritance. She received a 1099 Interest and a Form 1099 B Sale of Stocks, Bonds from New Jersey. The recipients ID number (The Estate of John Haring) was his social security number, The recipient ID on the Mass 1099-int was a Federal ID number. In order to file an estate return I need a federal ID number. Do I need to get a separate Fed ID number for New Jersey.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
My Husband passed away August, 2009. He had a Chase credit

My Husband passed away August, 2009. He had a Chase credit card, however I continued making payments until 2015. When I financially couldn't continue to make payments, I called them and cancelled the card. I received a 1099-c from them this year. They said I was not liable for the balance. What should I do?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: When he passed away every other account and possessions were in both our names.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
A person dies solely owning real property. Under the Last

A person dies solely owning real property. Under the Last Will it goes to the 3 sons. But a decision is made to sell the property during the probate process, use the net sale proceeds to pay probate expenses, fees and costs and then and split the remaining net sale proceeds between the beneficiaries per the will. When the estate does its Form 1041 (no estate 706 is required), what value is used on the house - the original 1977 purchase price or the 2017 date of death valuation. IN other words, would the estate owe tax based on original basis or the date of death step up basisJA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: no. Thank you Jim

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
My wife passed away in October. Before passing, we changed

My wife passed away in October. Before passing, we changed the deed on our rental property to include just me and three children. Do I claim 25% or 100% ownership this yrBefore, the property was deeded to my wife and me, joint. Every year we filed jointly.Certainly next year I will claim only 25% ownership, but what about this year? Since IRS rules require I file jointly this year, and since my wife passed late in the year, do I claim 100% ownership of the property (and thus the gain/loss) or does the change in the deed immediately change the percentage I claim?

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662 satisfied customers
My great uncle recently died and left his home to my mother

Hello! My great uncle recently died and left his home to my mother and her sister (they are specifically named in his will as the inheritors of the house). They would like to sell the house through the estate (i.e., list the executor as the Seller of the house rather than themselves and have the proceeds paid directly to the estate's account) so that they don't have to mess with reporting the proceeds on their personal tax returns. Is this an acceptable way to handle the sale, and will they be okay with the IRS if the taxes (from a capital gain or loss) are handled in the settling of the estate? Thank you!JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No, I think that covers everything I know to ask.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

22,044 satisfied customers
Form 1041 tax Form and instructions. Please send me a list

Form 1041 tax Form and instructions. Please send me a list of all forms and instructions for filing when one has died. Virginia Holland Virginia

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PDtax

Owner

Master's Degree

7,982 satisfied customers
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