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.

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

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