I have an inherited IRA. My mother passed away in June of 2023. We did take out an RMD in 2023 and settled that. But by the time the estate was settled, I didn't inherit the money until January of 2024. We haven't taken the distribution yet for 2024, we thought we had until 2025. Is there a grace period? Or are we correct…
My father passed away and left me money, houses, & lands in different countries. The countries are Sudan & Qatar. My father has a green card. I am a U.S. citizen. My father did not set up any trust. I have 3 questions. Do I need to pay taxes on the money, houses, & lands? Do I need to report this inheritance anywhere? Last…
What are the tax consequences in receiving Canadian dollars (18,000 usd) from aunt's who passed away?
How do I alert the IRS that we missed taking out the 2023 RMD from an inherited IRA. We misinterpreted the new rule about someone not having to take it out until they turn 73. My wife doesn't turn 73 until next year, however we found out the old rule applies since she has been taking it out every year. I have typed a…
My siblings and I inherited our deceased parents' home earlier this calendar year (2024). Using an estate lawyer, we had the local county court transfer ownership of the home into our names (a muniment of title) so we would not have to open probate on such a small estate. We then *immediately* sold the home for a little…
I was to inherit a piece of property by my Father upon his demise with my Brother. He has changed his mind. We sold the property. There were strings attached to this where if he was still alive he could still sell the property. I will get 1/4 of the selling price of $145000 (Brother gets a 1/4 and Father and his wife get…
Question about the tax liability for my deceased dad's IRA. As the executor, the $29k account was given to me, and I must now disperse it equally between us three children. My question is, how do I separate the specific fed/state responsibility aside from my roughly 50k income, as it all got taxed together as income? I…
My husband inherited mineral rights in Texas when his mother passed away 10 years ago. We are interested in selling them and have a buyer. What do we need to report and how?
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