I am receiving $30M as an inheritance from my father, who passed in 2009, but I won't receive...
the money until 2011. Will I owe tax, and which tax years governs the amount?
Any inheritance tax is paid by the estate prior to distribution to beneficiaries, meaning, you do not report the inheritance as income, it is not taxable. However, if you are a residual benficiary, you may have reportable income generated by the money/assets during 2009 and/or 2010 prior to its distribution. If so, you will recieve a K-1 from the estate for any taxable income, i.e. interest, dividends, gains or losses, rents, royalties, etc., that those assets generate. I too lost my father in 2009, my condolences. Honor your fathers wish for your future by Investing your inheritance wisely.
by DARICANMAMI 12 years ago
Why are so many people unable to see passed race or color in 2009 ?I am mixed like I like to say it I am half Italian and half Puerto Rican and I still have to deal with both sides it seems hard for me to just be seen as me and not what race I am.
by SparklingJewel 16 years ago
10 Attributes of Outstanding Fathershttp://foxforum.blogs.foxnews.com/2009/ … thers_day/On Father's Day Timeless Advice From Our Founding Fathershttp://foxforum.blogs.foxnews.com/2009/ … ather_day/We all have a father archetype within our soul, so it is good for everyone,...
by Scott Belford 10 years ago
Yes, that is true. Assuming 125 million households in America, if National Income (sum of income from wages and capital) increased on average $1,- the top 1% would see a $21.66 rise in income,- the next 9% would get a $3.12 rise in purchasing power- the middle 40% of Americans would only...
by Jessie Watson 4 years ago
At what age did you start thinking more about your financial future? And how did you go about building a savings? (Set aside circumstances and socioeconomic details. Some responses may be subject to the cohort effect. I'm more curious about the personal decision to be more fiscally responsible and...
by binkhong khoo 15 years ago
I received an inheritance of $54,000 with a 1099S and a life insurance payoff of $2500. Where...do I report these in the Federal and NJ state tax forms?
by Walter Rose 14 years ago
How can I get copies of my 2008 & 2009 Federal Income Tax Returns prepared with the Tax Slayer Prog.Software?
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