lindacarroll
Junior Member
What is the name of your state (only U.S. law)? California
My husband died in Feb. 07 and for the past 10 months my step son and I have been working to reach a settlement of my husband's estate. He established a will and trust before our marriage and designated his son as the beneficiary. One part of the estate was an IRA worth $137,000 and as part of the settlement I will receive 20%. I am currently 48 but will need the $27,500 to finish the house we were building together. What tax liability will I face if I take the $27,500 to finish my house? I will also need to take out a mortgage (I would be a first time home buyer) for $85,000 to pay off my step son for his share of the house.What is the name of your state (only U.S. law)?
My husband died in Feb. 07 and for the past 10 months my step son and I have been working to reach a settlement of my husband's estate. He established a will and trust before our marriage and designated his son as the beneficiary. One part of the estate was an IRA worth $137,000 and as part of the settlement I will receive 20%. I am currently 48 but will need the $27,500 to finish the house we were building together. What tax liability will I face if I take the $27,500 to finish my house? I will also need to take out a mortgage (I would be a first time home buyer) for $85,000 to pay off my step son for his share of the house.What is the name of your state (only U.S. law)?