What is the name of your state? Florida is current legal residence.
I'll try to keep this from being too convoluted, but there are a couple of wrinkles.
I have recently discovered unclaimed funds which were escheated to the state of NJ in 1984, originally belonging to a relative who died in 1986. The funds were a conversion from a stock liquidation. I have Letters of Administration dated 1998, and am in the process of filing a claim for those funds. Since the State of NJ holds them in perpetuity, the only issue will be the documentation, which I am getting. One item required, and this may be relevant to the question below, is an updated Letter of Administration dated within one year of this filing. According to the NJ FAQs on their Unclaimed property site, they pay interest on those funds from date of escheat.
The Question is what is the amount to use for federal taxation of the interest, meaning original, accruing to estate inherited in 1998 but funds not discovered at that time, or included in the Amended Letters of Administration, making the date in 2023?
The 1998 letter, which is when I first had the ability to execute the estate? Or, the current letter, considering the funds as part of the estate? When I get the current letter it will be from New York, as an Amended Letter of Administration with an increased authorization. I can't see from date of death, since I had no ability to access them had I known about them. It would seem the current date would be the date of inheritance, the interest possibly being part of the estate. I do know that NJ will issue a 1099-INT when they are paid.
Thanks
I'll try to keep this from being too convoluted, but there are a couple of wrinkles.
I have recently discovered unclaimed funds which were escheated to the state of NJ in 1984, originally belonging to a relative who died in 1986. The funds were a conversion from a stock liquidation. I have Letters of Administration dated 1998, and am in the process of filing a claim for those funds. Since the State of NJ holds them in perpetuity, the only issue will be the documentation, which I am getting. One item required, and this may be relevant to the question below, is an updated Letter of Administration dated within one year of this filing. According to the NJ FAQs on their Unclaimed property site, they pay interest on those funds from date of escheat.
The Question is what is the amount to use for federal taxation of the interest, meaning original, accruing to estate inherited in 1998 but funds not discovered at that time, or included in the Amended Letters of Administration, making the date in 2023?
The 1998 letter, which is when I first had the ability to execute the estate? Or, the current letter, considering the funds as part of the estate? When I get the current letter it will be from New York, as an Amended Letter of Administration with an increased authorization. I can't see from date of death, since I had no ability to access them had I known about them. It would seem the current date would be the date of inheritance, the interest possibly being part of the estate. I do know that NJ will issue a 1099-INT when they are paid.
Thanks
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