Christopher J. asked
My husband's mother passed away in April and left investments to his brother and him. The amounts are 6,042.90 (no tax taken), 2,016.76 (no tax taken), 28,943.76 (4,341.65 tax taken), 2,578.17 (257.82 tax taken), and 17,168.81 (2,575.36 tax taken). These are from different investments, including a small life insurance policy. We live in Florida, and she lived in New York. We gave some of this to our sons to pay bills and kept the rest. We want to know how this affects our potential tax liability and what steps we should take before April.
December 11th, 2023
Tyler M. answered
The inheritance of investments does not create an immediate income tax event, but there could be imp...
December 11th, 2023
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