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My mother is 93 yrs old. She is taking money out of her
my mother is 93 yrs old. She is taking money out of her investments to pay for custodial care. Does she pay tax on the money she is taking out? … read more
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From Caffey, a resident of Texas: From Caffey, resident of
From James Caffey, resident of Texas. My Mother passed away in 2003 and her half of the community property was put into a Family Trust, in the form of Tax Free Muni Bonds. This Trust was set up to terminate at the death of my father at the age of 100+ which occured Dec. 27, 2017. The entire $400,000 Principal in this Family Trust passed to my brother and me equally in the form of Muni Bonds in March of 2018. QUESTION: Do I have to report this principal amount that was transferred (actually an inheritance) on my 2018 tax return, and if so, thru which form. I have been generating and filing the 1041 on this Family Trust since my Mom's death in 2003. It has been very simple since all of the income generated on it's assets has been tax-free. Thanks for your reply. … read more
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I am executor of a trust. I have completed the 1041. I reside in DC. My father who created the trust, died in NC. NC told me they only tax income generated in NC and/or beneficiaries who are residents… read more
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In 2009 I received an inheritance and redeemed $98,000 in shares of a municipal bond fund.
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Hello, I work at an RIA offering municipal bond accounts. Recently, I had a question from a client. Our client has a corporate account that we manage munis in. He indicated that his CPA is doing month… read more
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Lev
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I inherited a muni-bond with a value of 21,345. The bond matured and I received the face value of 20,000. Is this a Capital Gain/Loss?… read more
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