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IRS garnished my check. I found out my Dad had left me

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IRS garnished my check...

IRS garnished my check. I found out my Dad had left me $100,000.00 when he died. My mother was in charge of it. The IRS says I have to pay taxes on money I never knew about

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

My Dad died when I was 5 yrs old. He left $ 100,000.00 for to get at age 25. I never knew about it until they garnished my check. My Mother was in charge of the money.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

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Submitted: 29 days ago.Category: Tax
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Answered in 1 minute by:
3/23/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 29 days ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi Kathy …. 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

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 29 days ago

Something's not quite adding up here. Inheritance is exempt from income taxation.

...

See this: 26 USC - GIfts and inheritance

...

Maybe you could tell me ore about the surrounding circumstances

...

The only tax on an inheritance or a gift, is paid by the giver for a lifetime gift (or the estate in the event of death/inheritance).

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 29 days ago

Still with me?

...

The only tax you would be responsible for is the interest or dividends on these dollars. If you'll look at the tax law I showed you, you'll see that the inheritance itself (and lifetime gifts as well) are exempt from income taxation.

...

Your mother was likely what's called the trustee

...

But only when you have access to the funds and control of the funds should you be liable for the tax on the interest dividends or capital gains.

...

Please let me know what questions you have from here

...

I'll be here,

Lane

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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,986
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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