QUESTION
What taxes would be due upon receiving the proceeds of an account valued under $200,000 for which I was named beneficiary?
Asked on Apr 11th, 2013 on Taxation - Michigan
More details to this question:
Some of the proceeds are cash and some are certificates of deposit.
5 ANSWERS
Bruce Givner
Inheritances are not taxable income. If, instead, it is a retirement plan account, then it is ordinary income.
Answered on Apr 16th, 2013 at 2:17 AM
It depends. If the proceeds were received by you as an inheritance then IRC sec. 102 would exclude the proceeds from your taxable income. It would be prudent to discuss the details of your situation with a tax professional.
Answered on Apr 12th, 2013 at 12:46 PM
The answer depends on what kind of "account" you are the beneficiary of. The rules are different depending on the nature of the account. The best advice is to consult with a CPA who specializes in estate matters.
Answered on Apr 12th, 2013 at 12:45 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Cannot tell from the question as stated. Counsel with an attorney.
Answered on Apr 12th, 2013 at 12:44 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Interest earned after the date of death is taxable.
Answered on Apr 12th, 2013 at 12:44 PM