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We sold our deceased parents ‘ house overseas, do we need to
We sold our deceased parents ‘ house overseas, do we need to pay US tax on the amount deposit into our bank account? … read more
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I am the executor and sole survivor of my mother s house, i
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My wife and I are married with a revocable trust. Is there a
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I have a client that passed away in on 3/30/10. She resided
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I got $2,000 cash inherited from my mother in CA, I live in
i got $2,000 cash inherited from my mother in CA, I live in Washington do I have to pay taxes on it… read more
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Our corporation has two shareholders, each contributed a R/E
Our corporation has two shareholders, each contributed a R/E properties with exact same value to the corporation 20 years ago. One of the shareholder had passed away recently and the R/E properties ha… read more
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Does the same "step up in basis" rule apply if the property
Does the same "step up in basis" rule apply if the property is not a home/residence but, rather a farm in which the life estate holder retains total control over the property until he dies?… read more
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We inherited property in a foreign country (we live in the U.S.). The person died in 2010
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In 2005 my wife's parents executed a quit claim deed to their
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I have been reading many IRS pubs ,as well as consulting with
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Hi Lev, I have a complicated question concerning a life estate. Time
Hi Lev, I have a complicated question concerning a life estate. Time Line: Farmland left to Brothers A and B in a life estate in 1940. FMV in 1940 approx. 10,000. The life estate names the decedents B… read more
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Hi Lev: Since my friends father is the sole owner of the
Hi Lev: Since my friend's father is the sole owner of the C corp which holds tax basis $87500 (per form1120) with retroactive appraised value of 1.6 million (and sold at 2 million on 2/27/13). Based o… read more
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The decedant died in Oct 2011. As personal representative of
The decedant died in Oct 2011. As personal representative of their estate, I sold all of the stocks and bonds in 2012 and distributed the cash to the heirs. I understand that the basis of an inherited… read more
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If the personal representative of an estate is selling the
If the personal representative of an estate is selling the home, will the proceeds be taxable to the heirs of the will?… read more
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We inherited a house and stocks from a parent 2 yrs ago. We
We inherited a house and stocks from a parent 2 yrs ago. We now want to sell the house and some of the stock. What do we use as the "basic" for any gross profits?… read more
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