Paying Tax On Inheritance

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Information Paying Tax On Inheritance

Title	:	Paying Tax On Inheritance
Lasting	:	10.59
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Question about inheriting stocks and the cost basis My wife's brother passed away in 2022 He had a single stock with a brokerage and she was the sole beneficiary (100) Now, I understand that the cost basis is what the stock was on the date of his death My question is if she didn't get legal control of that stock until 3 months later until 2023, why can't that be the cost basis of the stock? We had to go through paperwork and had difficulty getting a hold of someone at the brokerage So she never got legal control of that stock until 3 months later (when she actually took possession) brbrNow as you can probably sermise, it benefits us to have the cost basis when we received the control of the stock 3 months later because it increased in value So when we sold in 2023, the delta was 75 cents per share As opposed to a delta of $250 per share based on the date of his death brbrSo is is possible to articulate that our cost basis was 3 months later as opposed to the date of his death?brbrThanks
Comment from : TheK9Shepherd

I’m getting a $1,000 a month from a state pension Dad died and made me the beneficiary As of right now I’m not paying any tax on the 1,000 a month but when I do my taxes, What’s going to happen???? I live in California That’s my question How much tax??
Comment from : Adventures with Brownie

Thank you so much
Comment from : Nikki Jackson

Thank you for your answer I live in Orlando Florida I have general question about a husband and wife non resident with houses as investors here in Florida both names on the titles of the houses, the husband passed away last November any taxes applicable to the wife even though her name on the titles? I will appreciate your opinion in the matter
Comment from : Mohamad Taiem

Excellent info but the audio is rough just fyi
Comment from : FlyinBryanFPV

I think the answer is obvious, but the gov seems to profit of anything and everything so i cant be sure Question is, what if the property decreases in value after its inherited? Can it be claimed as a loss on my taxes? Also, your presenting the same information that most are saying Many ranches in my area are forced to sell after being inherited because the children cant afford what's commonly called inheritance tax I can't find any information on that
Comment from : Seth Green

what about if an executor sold the house which was abroad and i receive my share of inheritance ?brit is inheritance money but coming from abroad, do i have to provide paperwork to bank IRS? prior to receive or afterwards? can i receive it in cash ?
Comment from : lili M

If you inherited COLI key employee /life insurance do you need to pay tax on proceeds ?I inherited substantial amount , employer is a beneficiary and I as surviving spouse got bulk checkbrThere are different opinions about taxation related to COLI
Comment from : Danuta Maj

Beautiful Video ❤️ I think the pandemic and economic crisis have taught people the importance of multiple streams of income, unfortunately having a job doesn't mean financial security I really appreciate the transparency and giving people a fighting chance during these troubling times
Comment from : Sam J Roberto

I sold my dads home that I inherited I paid tax and interest can I claim these fees
Comment from : Deanna Williams

How does the stepup work if your patents built the home? Like being able to prove what it cost vs a partial cash/mortgage build
Comment from : wideawake

great video, I inherited a TOD account and received a cashout distribution I have been told I will receive a 1099 for that distribution Doesnt that mean I will have to report the whole amount as income and have to pay federal and state taxes on it as well?brThanks in advance
Comment from : Mark L

So Biden might change things, to help fund his doing's war's, college funding, the boarder etc Etc I'm guessing there's a lot of behind the scenes BS of this administration Because it's been a great 2 years? I'm guessing there's a lot of behind the scenes BS of this administration That's kicking or will kick many of Americans Because it's been a great 2 years? Ugh
Comment from : HM collectibles

JOHN DOE ( fiction person)is beneficiary of John Doe ( spirit man) Life insurance based on fraud
Comment from : stephen fox

Beneficiary’s do not pay taxes trust pay taxes I am a private banker with a ucc one filing with treasury
Comment from : stephen fox

With regard to the step-up cost basis six-month alternate valuation date: Must a federal estate (inheritance) tax return be filed to qualify for that option? Thanks
Comment from : A C

What happens if they bought the house for $30,000 And now the house is worth $1,400,000?
Comment from : Karen Johnson

"Could've SWORN TAXATION already APPLIED TO THOSE LEAVING WEALTH; now you Want a SECOND TAXATION!"brbrDEFINITELY THE PRODUCT AND DESIGN OF A "TRUST FUND BABY"
Comment from : Aimee Catena

Do you have an updated video on that?
Comment from : SigneDeLaCroix

Stolen WealthbrStolen Land from Black People brWhite People Stole all are wealth Karma Will ComeStole everything Won't Gift Back what y'all took! Karma
Comment from : UBP

I inherited about 30K from 1/6 the sale of my mother's house (Louisiana Law - if you do all the paperwork ahead of time (we did) The surviving spouse (my mother) gets 1/2 of the sale and the children of the deceased parent (my dad) split the other half - 3 kids - so we each got 1/6 None of this should be taxable at all, but my question is, should I or is there a way to report this as non-taxable income, just so the IRS knows where I got that mysterious 30K from? (assuming they poke around in people's savings accountswhich I assume they do)
Comment from : Cat Caregiver

I am in New York Brooklyn Andy estate administrator how does taxes work do I have to do state taxes and federal because it's only $70,000
Comment from : Carolyn Harvey

What can i do when a sibling moves into a 1st floor apt of a 2 family brhome and doesn't want to pay rent ,not even utilities and just basically brliving rent free Even though she owns 1 /5 of the home The will disappeared , so we just got my nephew as the fudicary from surrogate court Now we decided not to sell and put deed in all five sibling names Also how can we protect each other from neither taking a loan or taking money from estae account ?
Comment from : Janet Diaz De Valentin

There should be no taxes on inheritance Taxes have been paid for years That's the problem The Government is taxing us to death Constitution states we are only supposed to taxed once on anything Our Federal and state Governments are taxing us numerous times on things It is just wrong!
Comment from : Slickearl

What when inherit stock hdqtrs in Canada and I get taxed USA and Canada deductions from dividend I get USA refund as low social security income but no filing in Canada How can I get that &&& also I do not get treaty tax percentage but pay full plus more than 30 percent
Comment from : Maryann Sinopoli

So much good info here! Thanks very much
Comment from : Marks Channel

Hi, I am from Nepal, I got email from Elizabeth williams from USA She is suffering cancer and in last stage Doctor said she will be no more in three month She and her husband deposited some money in ecab bank and wants to give for charity to poor people, window women etc But now the bank asked me I will be secondary beneficiary and for the inheritance fund transfer I have to pay 865 dollor for clearance certificate or change ownership certificate for us ministry probate courte I don't know exactly what they are talking about ? Is scam or truth ? They said the money is in suspense account in ecab bank (Eastern Caribbean Amalgamated Bank)
Comment from : Fearless beast

What if the house/asset is in a trust?
Comment from : Christopher Doran

What if the HOUSE that is being left to a child is sold by the parent three months before parent dies, are there tax consequences like Capital gains tax the estate would own? If so, it the house was sold after the death of parent, no taxes are owed due to the Step Up provision?
Comment from : Tom Martinez

Great job
Comment from : Jo-Ann Reynolds

My brother and I are beneficiaries of my sisters home She passed a little more than 2 years ago During probate we spent $ fixing up the house and paying off the mortgage and recently sold the property We do not have an appraisal from 2 years ago but did research on comparable properties and her home sold for much more than it was worth 2 years ago Will the $ we spent on her home reduce the "step-up" capital gains tax?
Comment from : Patrick Kamins

How are IRA's handled as far as estate tax is concerned? If I include the IRA as an asset in my taxable estate, I am also including the embedded income taxes in the IRA In that case I'm paying estate tax on income taxes Am I missing something?
Comment from : Dushtacat

I was wondering if the state inheritance tax is based on where I live or where my children live? We are in Michigan and one of my children live in Pennsylvania Thank you
Comment from : Mi Hand Splitters