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I want to know how can i file inheratance tax in nj. I have…

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I want to know how can i file inheratance tax in nj

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have been receiving money from a estate since my son past away and i have been receiving an average of 7500.00 per year since 2008 but i have never reported that in my income taxes

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I was outside of the US most of these years and just came back

Submitted: 1 month ago.Category: Tax
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Answered in 2 hours by:
3/14/2018
Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 month ago
Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 928
Experience: Former IRS Revenue Agent
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I'm Fiona, former IRS revenue agent. I am looking at your question and will get back to you soon. Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP,IMTA

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Tax Professional: Dr. Fiona Chen, Certified Public Accountant (CPA) replied 1 month ago

Dear Customer,

Inheritance is non taxable for the heir. Therefore, in most cases, you don't have to report tax on the item. However, if it is taxable item such as, his IRA or annuity taxable portion, the estate should have provided you with Form 1099 or Form K-1. Then, you will report tax according to the Form 1099 or Form K-1 you receive.

Therefore, it is suggested that you inquire with the trustee of his estate about what type of income it is and whether it is taxable for you and what type of documents you should have received. Another possibility is that the estate is paying the income tax; therefore, you don't have to.

Please feel free to follow up.

Regards,

Fiona

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Category: Tax
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