Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
Now, the big ????? for me are what exactly our tax implications are going to be here?

You need more information from the trustee. While inheritances and gifts are not taxable income (Pub 525), your narrative implies that there are appreciated assets which, when converted to cash, will generate taxable income to the seller. (The trust, passed through to the beneficiary, if it sells; you if you sell.) I know nothing about inheritance taxes, but I think if they apply the trustee will deal with it.

There are gift tax implications to the trusts you talk about setting up. Your attorney dealing with that is your source of information.

Phil
Rule Your Retirement Home Fool
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement