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TaxTom, Internet Researcher
Category: General
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I received my late brothers unclaimed cash from El Paso Corp

Customer Question

I received my late brother's unclaimed cash from El Paso Corp which was held by the Texas Comptroller in the division of unclaimed assets.
I paid an investigator to help me reclaim the cash.
How do I report the cash received?
How do I report the investigators fee?

Can I declare the cash received as a purchase and sale with no gain or loss on Schedule D?
Can I declare the investigator's fee as a cost for that sale on Schedule D.

I did not have enough income last year to offset the investigators' fees. So that declairing the investigator's fees on Schedule A is not desirable for me. If I can declare his fees on Schedule D, I can carry over the loss to a time when I need it.

Thanks for your help.
Submitted: 6 years ago.
Category: General
Expert:  TaxTom replied 6 years ago.

TaxTom :

Hello, Were you the beneficiary of your brothers estate? How much money did you get from the unclaimed asset calim? Thanks Tom

TaxTom and 15 other General Specialists are ready to help you
Customer: replied 6 years ago.

Feb 8 2011 3:31 pm


Dear TaxTom.

I am the sole beneficiary of my brother's estate.

I received $10,436.89 after the State of Texas deducted their fees.

I paid my investigator $1,119.36.


My brother's estate was something like $80,000 without this additional $10,000.

He died May 9, 1994.

Expert:  TaxTom replied 6 years ago.
Hello, This is not taxable to you. Your brothers estate was well below the threshold where you would pay estate taxes. The investigators fee is not deductible either. Thanks Tom
TaxTom and 15 other General Specialists are ready to help you