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Started By
Message
Another inheritance thread
Posted on 2/2/23 at 4:25 pm
Posted on 2/2/23 at 4:25 pm
Anybody on here have any recommendations on a financial advisor or the like? I've read some of the other threads but they don't answer my specific questions, and I'm willing to pay for professional assistance.
Thanks in advance
Thanks in advance
This post was edited on 2/2/23 at 4:28 pm
3
Posted on 2/2/23 at 4:33 pm to Skervix
Just ask your questions here.
Posted on 2/2/23 at 4:36 pm to Skervix
It has to be a pretty good sized pile of money to worry about taxation.
Posted on 2/2/23 at 4:40 pm to Skervix
What's your question and which state do you live in?
Posted on 2/2/23 at 4:57 pm to MSTiger33
I live in MS, my father lived in Baton Rouge.
He had a house(roughly $180-200k) 2 cars(2018 and 2020) a few bank accounts(around $200k) and a few retirement accounts(trad and roth- $400k) I am sole heir, beneficiary, only child, and he was single. I want to sell the house and cars, but don't know what the tax basis will be on those. Will they be counted as income?
I don't fully know what's taxed and when, and the best route to take on these things.
I read there's no fed estate tax under $12M so that's good.
He had a house(roughly $180-200k) 2 cars(2018 and 2020) a few bank accounts(around $200k) and a few retirement accounts(trad and roth- $400k) I am sole heir, beneficiary, only child, and he was single. I want to sell the house and cars, but don't know what the tax basis will be on those. Will they be counted as income?
I don't fully know what's taxed and when, and the best route to take on these things.
I read there's no fed estate tax under $12M so that's good.
Posted on 2/2/23 at 5:13 pm to VABuckeye
Delete
This post was edited on 2/2/23 at 5:17 pm
Posted on 2/2/23 at 5:16 pm to weadjust
How will that be figured? Based on value on the day of his death?
Posted on 2/2/23 at 5:24 pm to Skervix
I don't want to give any bad info so I deleted my previous post.
I going through the same thing as you right now with my sister. I was told the inherited IRA/401K money would be taxable but not until I withdraw the money and can spread the withdrawals over 10 years.
I'll let the tax guys take over from here
I going through the same thing as you right now with my sister. I was told the inherited IRA/401K money would be taxable but not until I withdraw the money and can spread the withdrawals over 10 years.
I'll let the tax guys take over from here
Posted on 2/2/23 at 6:02 pm to Skervix
All the assets will get a step up in basis to fair market value as of the date of his death. So very little if any gain on the portfolio. All other assets are a non-issue as far as income tax for you goes.
The basis for the retirement accounts doesn’t matter. You will be subject to the ten year rule for distributions per the secure act.
ETA: distributions from the traditional Ira will be ordinary income for you and subject to tax. Roth is income tax free.
The basis for the retirement accounts doesn’t matter. You will be subject to the ten year rule for distributions per the secure act.
ETA: distributions from the traditional Ira will be ordinary income for you and subject to tax. Roth is income tax free.
This post was edited on 2/2/23 at 6:04 pm
Posted on 2/2/23 at 6:10 pm to MSTiger33
Thank you.
Posted on 2/2/23 at 6:10 pm to Skervix
NP. Let me know if you have any other questions
Posted on 2/2/23 at 6:21 pm to Skervix
Info on cars? (Email under profile)
10 years to pull out ira $ (5 years prior to 2020) is nice ‘bonus’ to your income & tax savings. But should be mostly safe from taxes
10 years to pull out ira $ (5 years prior to 2020) is nice ‘bonus’ to your income & tax savings. But should be mostly safe from taxes
This post was edited on 2/2/23 at 6:25 pm
Posted on 2/2/23 at 7:35 pm to MSTiger33
quote:
The basis for the retirement accounts doesn’t matter. You will be subject to the ten year rule for distributions per the secure act.
Would a Federal Employees Retirement System (FERS) survivor benefit lump sum distribution have the same 10 year rule? If yes. Do you handle the distribution like an inherited IRA/401K and transfer it to some type of inherited IRA account?
Posted on 2/2/23 at 8:01 pm to Robertson coach
2018 Ford Mustang GT 5.0 convertible
2020 Nissan Rogue
2020 Nissan Rogue
Posted on 2/2/23 at 9:52 pm to Skervix
Email address? Rogue dibs
Posted on 2/3/23 at 6:06 am to Robertson coach
.
This post was edited on 2/3/23 at 6:30 am
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