What is the name of your state? NJ
Estate of parent's valued uner $1,500,000 for federal purposes. Estate valued under $675,000 for State purposes.
Monies have been distributed from bank accounts...mutual fund accounts...brokerage accounts...insurance policies...and a non-IRA annuity.
Must we report the monies distributed as income? Must we pay tax on the interest earned on the annuity? Two Class "A" beneficiaries live in NJ where the Estate is located and two Class "A" beneficiaries live in Arizona.
Also, as exectruix, I haven't sold the real estate yet as my sister is living
there at present. I am also aware that I must file a fiduciary return.
The estate hasn't been totally settled yet re: the real estate and I haven't sold stocks yet in Prudential as this stock seems to be doing well at the present. Also, I haven't cashed in the Series E bonds yet
What are the tax consequenses to each beneficiary?
Thanks for any help.
Estate of parent's valued uner $1,500,000 for federal purposes. Estate valued under $675,000 for State purposes.
Monies have been distributed from bank accounts...mutual fund accounts...brokerage accounts...insurance policies...and a non-IRA annuity.
Must we report the monies distributed as income? Must we pay tax on the interest earned on the annuity? Two Class "A" beneficiaries live in NJ where the Estate is located and two Class "A" beneficiaries live in Arizona.
Also, as exectruix, I haven't sold the real estate yet as my sister is living
there at present. I am also aware that I must file a fiduciary return.
The estate hasn't been totally settled yet re: the real estate and I haven't sold stocks yet in Prudential as this stock seems to be doing well at the present. Also, I haven't cashed in the Series E bonds yet
What are the tax consequenses to each beneficiary?
Thanks for any help.