undefinedWhat is the name of your state?
California.
My father passed away. We've been doing probate. My brother and I received a small cash life insurance claim as benefactors. ($20K each). I am a student.
1) is this taxable money? and if so, what is it called on the tax form?
2) my lawyer did not fill out any tax paper work at the beginning of the probate. that leaves us with two and a half tax years of estate taxes to file. do you know what the penalities are? this is an estate under a million dollars (and a very simple estate situation). (except that we weren't told to file the taxes so now there are late fees). thank you.
California.
My father passed away. We've been doing probate. My brother and I received a small cash life insurance claim as benefactors. ($20K each). I am a student.
1) is this taxable money? and if so, what is it called on the tax form?
2) my lawyer did not fill out any tax paper work at the beginning of the probate. that leaves us with two and a half tax years of estate taxes to file. do you know what the penalities are? this is an estate under a million dollars (and a very simple estate situation). (except that we weren't told to file the taxes so now there are late fees). thank you.