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Any tax accountants or tax lawyers on here?
#795409
12/26/13 05:45 AM
12/26/13 05:45 AM
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Joined: Apr 2010
Posts: 3,290
Near the Trussell
BPS
OP
10 point
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OP
10 point
Joined: Apr 2010
Posts: 3,290
Near the Trussell
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Anyone on here familiar with tax law that could answer a couple questions for in a PM?
If your decoy doesnt have holes in it, your not letting him get close enough... J.H.
"Life lessons are almost never found where you think they should be, sometimes they're in the middle of a small, muddy creek in the woods with steep banks"... DeadorAlive
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Re: Any tax accountants or tax lawyers on here?
[Re: BPS]
#795917
12/26/13 03:01 PM
12/26/13 03:01 PM
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Joined: Apr 2010
Posts: 3,290
Near the Trussell
BPS
OP
10 point
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OP
10 point
Joined: Apr 2010
Posts: 3,290
Near the Trussell
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thanks guys...
Last edited by BPS; 12/27/13 03:46 AM.
If your decoy doesnt have holes in it, your not letting him get close enough... J.H.
"Life lessons are almost never found where you think they should be, sometimes they're in the middle of a small, muddy creek in the woods with steep banks"... DeadorAlive
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Re: Any tax accountants or tax lawyers on here?
[Re: doekiller]
#796199
12/26/13 06:19 PM
12/26/13 06:19 PM
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Joined: Nov 2011
Posts: 21,781
USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,781
USA
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You don't pay taxes on an inheritance. Because the estate does before you get it?
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Re: Any tax accountants or tax lawyers on here?
[Re: BPS]
#796280
12/27/13 01:22 AM
12/27/13 01:22 AM
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Joined: Sep 2002
Posts: 986
Arab
oldknight
6 point
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6 point
Joined: Sep 2002
Posts: 986
Arab
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There generally is no income tax due on an gift or inheritance, per se.
However, if the estate made a distribution of income earned in the period of administration, a portion of the distribution could be income taxable to the beneficiary.
The executor would have to file a Fiduciary income tax return and give you a K-1 to determine the amount taxable to you.
If you inherit an IRA, pension or installment note, you could have taxable income also.
"The Confederate army was not whipped; it simply wore itself out whipping the Yankees."
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Re: Any tax accountants or tax lawyers on here?
[Re: BPS]
#796376
12/27/13 03:56 AM
12/27/13 03:56 AM
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Joined: Oct 2000
Posts: 6,137
Clay-Trussville area
Big Al
12 point
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12 point
Joined: Oct 2000
Posts: 6,137
Clay-Trussville area
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The Fiduciary return is Form 1041 (Fed) and Form 41 (AL, if an Alabama resident) and just because a 706 isn't due doesn't mean that a 1041 will not be due. It is filed by the personal representative (executor or executrix of the estate) or at least reviewed and signed by him/her. Everything oldknight wrote is spot-on.
"Said I never had much use for one; never said I didn't know how to use it".
-Matthew Quigley in "Quigley Down Under"
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