Yeah, just inherited a retirement account over a year ago. Didn't pay any tax on it last year, just on my work income. No where near the 11 million thresholds. Only paid tax on $12,000 I took out to pay off loans and do home repairs. My understanding is I have 10 years to empty the account. Already took $12,000, got about $50K left. I got 10 years to worry about it.
@AlumniQuad3 жыл бұрын
1:48 Inheritance is tax free for most people 2:42 Exceptions 3:30 No tax up to $11.58 million threshold (as of the year 2020) 4:17 Inheriting a traditional 401(k) or IRA taxed as ordinary income 5:28 Compensation for executors/trustees taxed as ordinary income
@4355dcox4 ай бұрын
Thank you, great info.
@sarahbrasher58602 жыл бұрын
I am grateful for your channel. Very informative for the everyday person. I’d like to ask a question but not on here- how can I?
@margyiphillips49313 жыл бұрын
Hello sir. Looking forward to learning something new.
@FourthDimensionalHillBilly Жыл бұрын
What if I owe the IRS back taxes that are now over 10 years old and past the statute of limitations. Can they come at me and take my inheritance even if it’s past 10 years?
@Teeena Жыл бұрын
I believe there is a 10 year SOL with the IRS. But don't quote me, just research it.
@kirtir91 Жыл бұрын
The Big Exception here, If they inheritances coming to you from a non US resident person. Then the estate tax exclusion amount is drastically lower at $60,000. This is a huge sticker shock for many immigrants.
@kirtir91 Жыл бұрын
Many thanks for all your informative videos!!
@marlonconway91703 жыл бұрын
Great channel! Please help me see my issue better. Can I protect my inheritance (single family home) from my ton of student loan debt (income based repayment)? Thanks.
@westleywest72593 жыл бұрын
Hi. Liked & Subscribed. Question: is the info you’re giving us true for all states? For example California?
@imagesinla85753 жыл бұрын
Your videos are very informative and helpful, thank you.
@sahar1usa Жыл бұрын
How should i go about 'receiving inheritance money from abroad ?
@halkizerian96042 жыл бұрын
My lady (we are not married so it has nothing to do with me). She inherited around150k(all cash )in 2017.she got a letter I think in 2019 stating she owed a capital gains tax(I thought it had to be a mistake)she no property to sale just the cash. I realize I lack a lot of info... So question should she have to pay capital gains on a cash inheritance. A friend that does taxes thought in the fact that the executors of the trust her sister and husband did not like my girl
@italaydavis59972 жыл бұрын
My uncle stole my inheritance and I am a single mother of 5 kids I’m currently sleeping in my car is there some advice you can give to me that can help me get my stolen stocks and bonds that my grandmother left to me
@michaeldaviesspanishinheri3734 Жыл бұрын
Great videos . If you ever have clients with assets in Spain , it would be great to collaborate
@Alil2real3 жыл бұрын
If I have a few questions. My father just passed last week. I'd love to talk to you. Maybe get your help. I can cash app you. Don't know what I'm doing and have the state and county harassing me daily
@AnnMitt3 жыл бұрын
Hope you circle back on the estate tax and step-up basis after the DC rats pass the tax increase plan this summer 2021.