Question of money: how can we profit from an inheritance?

I inherited a house when my mother passed away. I sold it for $150,000.00, do I have to pay taxes on the money I – Answered by a verified Tax Professional We use cookies to give you the best possible experience on our website.

COMMON QUESTIONS AND ANSWERS REGARDING TRUSTS. Assuming we are discussing a trust that has become irrevocable and the trust does not contain anything to the contrary and, given some exceptions, the Probate Code at Section 16061 states that "on reasonable request by a beneficiary, the.

Though your parent’s home being included in the estate and passed on to you might have estate, inheritance and eventually income tax consequences, not all of those taxes will fall on you. Tax Consequences of Inheriting a House From a Deceased Parent – Budgeting Money

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My mom wants to give me money to purchase a house – between $14,000 and $24,000. It is my understanding that if she should decide to go to a nursing home within five years they could come back and take the house. Is there any way around this? This is the inheritance that she wanted to give me.

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NJ Estate and Inheritance Tax Questions and Answers So what’s the difference between New Jersey Estate Tax and New Jersey Inheritance Tax? Many clients incorrectly assume that the "estate tax" is now reserved only for multi-millionaires such as the Hiltons and Trumps of the world.

Money or property received from an inheritance is typically not reported to the Internal Revenue Service, but a large inheritance might raise a red flag in some cases. When the IRS suspects that.

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If the decedent lived or owned bequeathed property in any of the other 44 states, you can collect your gift free of an inheritance tax-even if you live in one of these six states. Property passing to a surviving spouse is exempt from inheritance taxes in all six of these states, and only Nebraska and Pennsylvania collect inheritances taxes on property passing to children and grandchildren.

Inheritance Tax Frequently Asked Questions . Q. Is there still an Inheritance Tax? A. Yes, the Inheritance Tax is still in effect, but only for those individuals who inherited from a person who died on or before September 30, 1993.

The visitor was pulling money out of his wallet when I intervened and told him the truth: He had fallen for a scam. When we are on our own turf, the scam artists are as obvious as that so-called.