Inheritance Tax Issues (help) My Mothers Cousin Passed In 2004, Me And 3 Cousins Were In The Will, One Of Them Was The Executor. I Had 2 Things In The Will. A Monumental Life Insurance Policy That I Received In 05' That I Claimed On 05' Taxes The Interest It Earned(all Set With That). The Second Thing Was 63k Mutual Bond With Meral Lynch. The Executer (my Cousin New That It Was Going To Be Sometime Before The Inheritance Tax Were To Be Paid Gave Me A Check For 5k In 05' Another For 10k In 06' And The Rest In 07 For The Remaining 38k When The Estate Tax Was Finally Paid. All Check Were Paid From A Check From Her Account. Im Unsure Of What To Do About The Irs. I Have Not Spent All Of It Due To Thinking It Will Come Back And I Will Need To Pay. My Mothers Cousin Lived In Nj And We All Live In Ny. So Nj Took A Good Portion Of Inheritance Tax. Please Advise If I Need To
Add This To My Income And How To Because Of The Spread In Time And Any Other Info Would Be Helpful. |