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How to Deduct Charitable Contributions
How to Get Tax-Free Profit From Your Rental Home
How to Deduct Home Equity Loan Interest
How to Deduct Home Mortgage Loan Interest
How to Determine What the IRS Considers a Charitable Contribution
How to Write a Check to the IRS
How to Deduct the Cost of a Vehicle Used in Business
How to Avoid an IRS Audit
How to Give Tax-Free Gifts
How to Deduct Home Improvements
How to Meet the IRS Definition of a Dependent
How to Report Tax Evasion
How to Report Taxable Inheritance Income
How to Spend 2008 IRS Tax Rebate Checks
How to Find Out When Your 2008 IRS Rebate Check is Coming
How to Find an Auditor
How to Get Your Financial Statement Audit Started
How to Prepare Your Tax Information for Your CPA
How to Avoid Paying Too Much For Your Financial Statement Audit
How to Lower Your Audit Risk
Inheritance is the transfer of property, cash and other assets from a deceased person to relatives and col… More
Estate planning can be started at any age, but estate planning cannot help someone who is already incapaci… More
Most people work hard for their money. They work to take care of their families and provide for themselves… More
Inheritance can be taxed by the IRS on several different levels and preparing a schedule K 1 is the correc… More
Legacy planning extends beyond merely leaving money behind for loved ones or taking advantage of every tax… More
Nothing tears a family apart more than arguments over money. To make sure financial issues never come betw… More
A trust is an arrangement that allows for an individual to have legal title for someone else's property. O… More
Everything you own and every part of your estate is subject to estate taxes. Learn what parts of estates a… More
On the top of any estate planning checklist should be working with a qualified financial planner. Get tips… More
Setting up a living trust is a complex process dealing with who property owned is going to be dispersed to… More
In estate planning the pros of a bypass trust are two tax exemptions; the con is cost. Learn the pros and… More
A major goal of estate planning is to avoid probate, when a court must remove one name from a legal deed a… More
Related to estate planning, there are two types of probate, one is probate while living, and one is probat… More
Summary: Inheritance can be taxed by the IRS on several different levels and preparing a schedule K 1 is the correct form to use. Learn how to properly and legally report inheritance income so that it is correctly taxed with advice from an experienced tax professional in this free video on taxes.
Danielle Loughran is a CPA with over nine years of public and private accounting experience at Arthur Anderson and Ernst & Young. Loughran was also responsible for internal controls...read more
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"Wow have you ever been notified that a long lost relative passed away and you are about to get an inheritance? My name is Danielle Loughran, I'm a CPA with Accell and I am here to talk to you a little bit about how to report taxable inheritance income. The first thing I have to tell you is this is a very complicated topic and this can get taxed on different levels depending on how the tax planning was performed. One of the first things that you would do is you would receive a scheduled K. What is this a K 1, well it is something that the fiduciary of the estate would prepare and send to you telling you how much of the inheritance money that you are getting is related to that tax return. The next thing I would suggest doing is picking up the phone and calling your local CPA because this is where it gets even more complicated. There are actually CPA's who specialize in just this topic. There is also tax estate attorneys who specialize in the topic. Either one can be a great benefit to you to make sure that you are making the best use of your inheritance and you are also reporting all of the information correctly that you received on that K 1. My name is Danielle Loughran, I'm a CPA with Accell and I hope you have learned a little bit more about taxable inheritance income."
eHow Article: How to Report Taxable Inheritance Income
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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