Don’t Ignore Inheritance Assets When Filing Your Taxes
APR 6, 2018-1 MIN
Don’t Ignore Inheritance Assets When Filing Your Taxes
APR 6, 2018-1 MIN
Description
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<span id="docs-internal-guid-68ddc2e0-5e9c-fdeb-2354-ced2e0da857c"><span style="font-family: "arial"; font-size: 11pt; vertical-align: baseline; white-space: pre-wrap;"><i>Taxpayers often make the mistake of ignoring inheritance assets on their tax return. I’ll explain how to avoid and fix this mistake today. </i></span></span><br />
<span style="font-family: "arial"; vertical-align: baseline;"><i><span style="font-size: 14.6667px; white-space: pre-wrap;"><a href="http://www.taxresolutionscpa.com/free-tax-relief-consultation/" target="_blank"><b>Click here for a FREE tax relief consultation</b></a></span></i></span><br />
<span style="font-family: "arial"; vertical-align: baseline;"><i><span style="font-size: 14.6667px; white-space: pre-wrap;"><a href="http://www.taxresolutionscpa.com/tax-relief-services/" target="_blank"><b>Check out our FREE tax resource library</b></a></span></i></span> </div>
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<span style="font-family: "arial";"><span style="font-size: 14.6667px; white-space: pre-wrap;">A frequent error taxpayers make is ignoring inheritance assets.
When a person inherits stocks or other assets, they often believe that they are not taxed. This is partially correct; the assets are not taxed when received.
<b>But when the assets are sold later on, you must report the sale on your tax return.</b> I’ve had many cases where ignoring these sales caused tax notices with huge taxes, penalties, and interest that surprised and scared the taxpayer.
Since inherited assets receive a step up in basis (or tax cost), there is often very little gain or loss. There would be little, if any, effect if a sale occurs quickly after inheriting these assets and the sale is reported correctly.
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When the assets are sold later on, you must report the sale on your tax return.</div>
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<span style="font-family: "arial";"><span style="font-size: 14.6667px; white-space: pre-wrap;"><b>To correct this problem and eliminate surprise taxes, we must amend the original tax return</b> that ignored the sale and provide evidence of the death of the person receiving the stocks, stock ownership statements showing the history of previous ownership, and receipt and eventual sale.
I have had several cases where, in the end, there is very little tax effect. The time and fees paid to a professional to amend a tax return are expensive. A taxpayer can save themselves a lot of grief and money by understanding that any asset they inherit and later sell must be reported on their tax return.
<b>If you have tax problems, you should protect yourself by hiring a qualified tax problem specialist. </b>We have experience in and strategies for negotiating with the IRS to get you the lowest amount that you have to pay.
If you have any questions, just give me a call or send me an email. I would be happy to help you!</span></span></div>
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