Legal Question in Tax Law in Florida

I live in florida and my share of my dads estate is 900k is there ANy taxissues ig i choose to take a cash payout

Asked on 8/30/13, 3:11 pm

1 Answer from Attorneys

Dean Bress Bress Law Firm

If your father's estate is not a taxable estate (you have not indicated the total size of the estate), then it is unlikely that any taxes will be due,EXCEPT if the distribution you are talking about is a distribution of what is called "income in respect of a decedent." An example would be distributions of a retirement plan or IRA; if that is the distribution or part of the distribution, that part will be taxable ordinary income to you. In any instance, discuss the matter with the attorney handling the estate.

Read more
Answered on 9/01/13, 12:08 am


Related Questions & Answers

More Tax and Taxation Law questions and answers in Florida