My friend, a dual Canadian/American citizen living in the UK, is discussing the terms of a trust with her (US) father. By the time she inherits, she may have given up US citizenship. Does this need to be mentioned so they can account for it now? [more inside]
posted by Madamina on Jan 3, 2013 - 15 answers

My partner and I are about to buy a house together, and we're trying to decide how to do this. We're gay, and hence technically unmarried, and we're trying to figure out the tax implications of the different options. [more inside]
posted by Tooty McTootsalot on Dec 5, 2012 - 10 answers

I'm inheriting $100,000. My parents are inheriting a lot more (around $1mil, but we're not sure the exact amount). Please give us advice. We're in the US (New Mexico). [more inside]
posted by Harry Potter and the Puppet of Sock on Jan 30, 2012 - 26 answers

Will I need to pay taxes on this inheritance? [more inside]
posted by miskatonic on Sep 26, 2011 - 8 answers

I need help with my inheritance in another state... [more inside]
posted by medarby on Jun 26, 2010 - 4 answers

My dad passed away this year and my mom has very generously decided to gift the house to my sister and I rather than. The house is in Canada, I live in the U.S. (Permanent residence). My sister and brother in law bought my half of the house when the mortgage was due (approximately April 1st) so I now suddenly have a 6 digit lump sum of cash in a Canadian account. I have not signed anything yet. I want to protect this from taxation, I also don't want to jeopardize my permanent residence status or potential citizenship. I know I need a lawyer, but what kind and how do I find a good one? I am in Wisconsin, particularly Eau Claire since that's probably important.
posted by substrate on Apr 23, 2010 - 13 answers

Suppose I were soon to receive a check for approximately $20,000. Also suppose that this represents a portion of my share of an inheritance from a relative and that additional monies will be forthcoming and, though I don't know exactly how much, that'll probably be on the order of $50,000 or so. What are the tax implications of this for me? What could I do to minimize the taxes I pay on this money? (I'm in the U.S.) YANAAccountant or MAccountant.
posted by Wisco72 on Feb 8, 2010 - 11 answers

Tax-filter and estate-filter. I live in Ohio. The deceased lived in Ohio and gave me a certificate of deposit upon her death using a payable on death designation during 2008. I then cashed it out and placed this money in a checking account. I am not otherwise involved with the estate in any way. I have usually used "free-file" to do my taxes.

Two-part question: a) does this money count towards adjusted gross income? and if so...um... how? (I know so little about it I'm not sure what I'm asking) b) assuming my AGI is still under the $56k limit for free-file, is there any other reason why I cannot or should not do my taxes in that matter since I inherited this CD? [more inside]
posted by RobotHeart on Feb 24, 2009 - 6 answers

Can I opt out of paying income taxes on inherited retirement benefits in the USA? I won't be filing a tax return, anyway. [more inside]
posted by xanthippe on Jul 22, 2008 - 9 answers

What date acquired and cost basis should I put for two items reported on a 1099-B, when there are several unknowns? [more inside]
posted by daisyace on Apr 10, 2008 - 8 answers