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Financial Planning / Tax Strategies


Subject:  inherited tax ques. Date:  12/6/2012  9:37 AM
Author:  nutsandbolts Number:  117077 of 127616

My husband and I had a joint account that was in a living trust. He died in 2008 and I inherited all our assets. Now I have sold stock from this account to build a smaller home for myself and the representive from Fidelity said I should consult my tax advisor concerning the tax because I possibly could used the date he deceased for tax purposes and it may be beneficial for me to do so since the stocks were purchased quite some time ago and BRK had split.

Last year when my taxes were done she had erred on my return and it was discovered by my daughter. I presented this situation and she concurred and all was fine. However, now I am now not sure of her expertise and have qualms about any decision she will explain to me.

I am wondering if I inherited 1/2 of the value, or will I be able to use the entire portfolio for there are a couple other stocks also involved.
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