Hello, We had a land sale from my late mother's estate account in 2025. The estate account holds the proceeds of the transaction which will be distributed to each sibling at some point. We're hoping to have the estate closed by the end of this year or possibly 2027. Does each sibling have to document their share of the…
In 1986 I inherited quite a few pieces of sterling silver flatware. Recently I sold them for scrap. I haven't been able to find any information on their approximate 1986 value. How do I estimate the capital gains, if any, from the sale, and do I have to document that estimate?
For the first time I'm trying to do my taxes with FreeTax USA for 2024 but running into trouble reconciling numbers with my bookkeeper for 2023. I inherited a property with my sister and rented it out in mid 2023. I looked through his file and he is showing $130,000 cost basis. But when I got the appraisal done in 2023, it…
I inherited a property in Nov 2022. I started renting it out in April 2023. Stopped renting it in Feb 2024 and sold in August 2024. Which sections do I go in FreeTax USA? Do I report it as a sold assets, marking it inherited and only needing to do put in my Cost Basis and Sold Price? or do I need to go into the Rental…
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…
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