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I just explained all this to Robin. Is she not available. I…

I just explained all...

I just explained all this to Robin. Is she not available. I would prefer her answer so I don't have to type in all this information again. I don't mean to be rude but to get an answer I will rewrite the information

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Alabama

Accountant's Assistant: What steps have you taken so far?

I am working on Turbo tax and I am hoping for an answer that will keep me from paying $4000 to the Federal and State taxes.

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

My question is: Is there anything that would hep me? In February I withdrew 45,000 dollars from an inheritance I received in 1994.What I withdrew was consider a capitol gain. I used $35,000 to pay off my house. $10,000 of total was used as an inheritance to my son. I am a widow and my normal income is : SS $1369.30 and 1475.00 retirement per month. Is there any way I wouldn't have to pay taxes on all the $45000 on the state and federal taxes?

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

Don't think so.

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Answered in 4 minutes by:
3/21/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,860
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. …. My name’s Lane,

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

Ask Your Own Tax Question

Are you sure that you're entering the basis for the sale of the stock or funds?

...

There should only be tax on the GAIN, not the entire withdrawal.

...

Capital Gain = Sales price - basis

...

And NORMALLY basis is what was paid for the stock .... but when assets are receive in an inheritance, the basis is "stepped up" to the Fair Market Value of the assets as of the date of death of the person leaving the asset.

...

If you haven't entered basis, at all THAT will help quite a bit.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,860
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
I did get the cost basis an subtracted it from the value of the stock on the date I withdrew the shares. Is there any help on the $10,000?
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Lane
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