I'll inherit about $125,000 this year on the sale of my mom's personal residence. Can you please tell me what, if any, tax consequences will be on that event? Please also tell me where I'd research this topic in Pro Series or the IRS website (any publications I should look at). Thank you!
No on google. All mom's assets were in a trust. does that make any difference?
wow... google inheritance Mom's house generates MANY hits.
I'm bowing out now, good luck.
"All mom's assets were in a trust. does that make any difference?"
Yes, it does.
The house is an asset of the trust. And it matters which type of trust it is, and if its nature is changed by her death.
You are not inheriting the house, or from the sale of the house. You likely are a trust beneficiary. Trust beneficiaries get distributions from trusts. That's not the same as inheritance. Trusts have different rules and regulations. Inheritance falls under wills and estates, and State regulations.
Someone needs to read the trust document to understand what has transpired.
This personal question has nothing to do with using ProSeries and ProSeries isn't the resource for learning about inheritance (which you are not experiencing). You might be using ProSeries to prepare a trust return, if you are the one preparing the tax return for the trust.
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