Posted by Sherry on January 11, 2011 at 7:19 pm
What are the tax consequences?
My uncle passed away and
left me a $50,000 inheritance. What will I have to claim on my
income taxes this year?
Most likely nothing.
When we inherit assets the tax is generally to the Estate and not
the beneficiary if at all. Although the Estate Tax has phased back
and forth through the years, it is still alive and well within many
states. A $2,000,000 estate may not have a Federal Estate
Tax due for 2010, but Massachusetts will still want a piece.
Massachusetts is one state that still baselines it’s tax with a
unified credit
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Posted by Jim on January 10, 2011 at 8:12 pm
I’ve been a client of yours for a few years now and I had a general tax question concerning my wife’s job status. She currently works full time for a marketing firm in “Deleted”. She intends to cut back to a part time status where she can pick and choose which projects to work on. Some people in her field create their own “small business” if they are contracting out their services. She has the option to stay on her company’s payroll or to create herself into this “business.” I don’t know what the pros and cons are to this move tax wise. We are currently living in the “deleted” Area and I am still going to sea. If you could give me a little advice I would really appreciate it.
To LLC or not to LLC… That is the question… Or is it?
First off – like political economic theory – this is
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