Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120825  
Subject: Re: re:tax penalties Date: 11/2/2000 8:16 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
The scenario is this. I've been left some money. It's in Cananda.

I'm not sure what you mean here. Did you inherit money from someone living in Canada?

The money is sitting in a bank account up there. It's over 50,000 Canadian. I'm not invested in anything yet. I don't really know what the tax penalties are, if there are any.

Again, I'm confused. Tax penalties are only assessed when you have a tax that was not fully paid by the appropriate due date. Are you aware of some tax that hasn't been paid?

I'm seeking suggestions or any feedback from anyone who has been in this same postion. I'm 55 years old, self employed and hopefully working for at least 10-15 years.

Perhaps a little more information will help you to get some helpful suggestions.

Tax deffered is what I'm thinking about. I'm new to the Fool, I've been working from TMF"Investment Workbook.

Once more, I'm not sure what tax deferred item you're thinking about.

Maybe a bit of reassurance will help. Cash inheritances (at least from a U. S. decedent) are not taxable income to the beneficiary. Any taxes should be paid by the estate before the money is distributed to you. A Canadian decedent would complicate things, as I no nothing about how inheritances work in Canada.

Sorry for the lack of help in the response.

--Peter
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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