View Single Post
Old 02-03-2017, 05:41 PM   #11
Bacchus
TF Site Team
 
Bacchus's Avatar
 
City: Seneca Lake NY
Vessel Name: Bacchus
Vessel Model: MS 34 HT Trawler
Join Date: Nov 2014
Posts: 7,828
Quote:
Originally Posted by BigJim View Post

How do I avoid paying taxes on the house money when I deposit the check into my account? I do have an IRS trust number that my lawyer obtained. Should I open a new checking account for dealing with this?
I've handled a couple estates yrs ago and memory is a little shaky but...

I seem to remember the separate acct should be in the estate name w/ the Fed tax # you rec'd. All cash should be deposited and be distributed through this acct.
I enlisted the help of an accountant as I had to file tax returns for the acct / estate.
Per previous comments basis for home & equities is "stepped up" to date of death or other date close so there should be little / no tax due for home sale.
The estate pays the tax due not the receiving parties.
__________________
Don
2008 MS 34 HT Trawler
"Bacchus"
Bacchus is offline   Reply With Quote