Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

What are the rules under Internal REvenue Code section 1014a…

Customer Question
What are the rules under...
What are the rules under Internal REvenue Code section 1014a
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 16 minutes by:
2/11/2016
Tax Professional: Anne, Master Tax Preparer replied 2 years ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,452
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified

Hi

I'm Anne. I've been preparing taxes for 27 years and I'll be happy to help you.

Code 1014a states that the basis of inherited property is the Fair Market Value on the date of the death of the decedent, or if the executor makes the election, 6 months after the date of death by making the election (IRS Code Section 2032)

In the case of a surviving spouse, the spouse will inherit 1/2 of the property at Fair Market Value, and retains their cost basis in the other half.

If you have further questions, please post them here and I'll be notified.

If this answer has helped you, please take the time to rate positive by clicking on the stars.

It is ONLY through positive ratings that we are compensated for our time and knowledge.

Thank you for choosing justanswer.

Ask Your Own Tax Question
Tax Professional: Anne, Master Tax Preparer replied 2 years ago

I see that you read my response but didn't yet rate it. Like all of the tax experts here, I strive to give excellent service here.

Do you have additional questions or do you need clarification on this matter?

I know that rating takes some additional time, but I would really appreciate your taking that time if my response helped you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Anne Your Own Question
Anne
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,452
2,452 Satisfied Customers
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses

Anne is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
What is the Internal Revenue Code Section requires that an
Hi, What is the Internal Revenue Code Section requires that an IRA payable to an Estate be distributed to the Estate within 5 Years? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If you receive income from a self-employment position 5 years
If you receive income from a self-employment position 5 years after you have retired and plan to include it on your gross income for this year do you have to pay self-employment taxes on it? If so wha… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Id like to have a basic understanding on some tax issues,
I'd like to have a basic understanding on some tax issues, incl. the international withholding tax. . We are a small mobile payment company (A) in the Netherlands and we have a partner mobile payment … read more
L Dietz CPA
L Dietz CPA
Certified Public Accountant
Bachelor's Degree
31 satisfied customers
We are a US (California) based S-Corp looking to hire a Canadian
We are a US (California) based S-Corp looking to hire a Canadian (who lives in Canada) as an independent sales rep (contractor) to work in Canada. What do we need to do in order to move forward? Thank… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
In regards XXXXX XXXXX non profit 501 C3 organization. If the organizations
In regards XXXXX XXXXX non profit 501 C3 organization. If the organizations constitution and charter mandate a board of directors and president, can the organization still operate legally without them… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
in april of this year i made an agreement on the percentage
in april of this year i made an agreement on the percentage of refund with one of long term clients. on poa he and his wife signed that the refund checks should come to my office and i did not get the… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
This concerns a tax issue, specifically the Health Coverage
This concerns a tax issue, specifically the Health Coverage Tax Credit (HCTC). The HCTC is available to individuals extending their COBRA coverage and for those that have a state run health plan (in C… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Dear Robin Unfortunately, I have been unable to verify
Dear Robin: Unfortunately, I have been unable to verify your last answer by locating the applicable section of the Internal Revenue Code or another authoritative source. That question was: The U.S. fe… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am looking to buy investment wine from France, I want to
I am looking to buy investment wine from France, I want to buy this wine for an investment opportunity (hold onto it for a few years and then sell). If I buy some and store it in the U.S it works out … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am paying a $30,000 out-of-court settlement for computer
I am paying a $30,000 out-of-court settlement for computer stalking. I've contacted the IRS and it's been determined that the payments would be considered income for the victim. My question is would m… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I run an offshore development firm. I use Ukraine labor.
I run an offshore development firm. I use Ukraine labor. I am going through an audit. Rev Agent says that I am required to withhold 30% of all payments to Ukraine. No work is performed in the US. Vend… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I am trying to buy another car, using withdrawals from my 401k,
I am trying to buy another car, using withdrawals from my 401k, will that qualify under Section 165 of the Internal Revenue Code? Thanks… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
In order to take the lifetime learning credit or deduct my
In order to take the lifetime learning credit or deduct my tuition, it must be for the current period or the first three months of the next year i.e. if I want to deduct tuition on my 2008 tax return … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Health Plan establishes a List Bill Agreement - one of the
Health Plan establishes a List Bill Agreement - one of the employer certifications is "the employer does not treat the applicant's healthe insurance plan as a plan eligible for certain tax advantages … read more
Anne
Anne
Master Tax Preparer
2,452 satisfied customers
I am trying to calculate my 1120 corporate tax return and
I am trying to calculate my 1120 corporate tax return and I am having trouble with Schedule A detrmining beginning and ending inventory values as the rules of Section 125A apply to the business. I do … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I have a client who files for a Corporation status in Jan.
I have a client who files for a Corporation status in Jan. 05. They never used their Corp nor filed corporate tax returns. My question is for 07 can we file an 1120S and attach a 2553 under the new an… read more
Paul Taliefero
Paul Taliefero
Enrolled Agent
Bachelor Degree
110 satisfied customers
Can gambling related travel and lodging expenses be ...
Can gambling related travel and lodging expenses be deducted against gambling winnings? Please site references in answer.… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I would like to find out how I can get a tax number, so ...
I would like to find out how I can get a tax number, so companies can donate money to our organization, and they can get a tax break. It's for our community’s girl’s softball association. Thank Yo… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x