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Channel: Income Tax – Ask Liza: Everyday Estate Planning
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Death and Taxes: The Basics

Dear Liza: My cousin passed away in 2011, and she had a revocable living trust. My cousins inherited the assets 50/50. The assets were stocks. Do my cousins have to file income tax returns for what...

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Capital gains taxes on sale of house

Dear Liza: My daughter is on my deed as joint tenant with me.  If I die and she decides to sell the house,  will she have to pay capital gains taxes? When you die, your daughter will own the whole...

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Who pays tax on gifts?

Dear Liza: My brother gave me two checks totaling $200,000 in 2012 as a gift.  Who pays the tax on that? You have a generous brother! And, in the no good deed goes unpunished department,  it is the...

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Capital Gains Taxes on Appreciated Property

Dear Liza: My mother gave her house to my sister just before she passed away.  My sister is going to sell the house. Do we have to pay taxes on that? If your mother’s house had appreciated in value...

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Who Pays Taxes on an IRA?

Dear Liza,  I am the personal representative for my mother’s estate in Maryland.  My mother, who is deceased, was the beneficiary of a small IRA. My mother’s estate is to be divided among her three...

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What Kind of Tax ID Do I Need for a Trust?

Dear Liza: My parents both have recently passed away. They had a revocable trust.  What type if tax ID do I need?  I created one for the “Estate” type, but should I have made it for the “Trust” type? I...

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Do I Need a Tax Identification Number for a Trust After My Mom’s Death?

Dear Liza:  I’m an executor of a trust and was added as co-trustee on the trust while my mom was alive.  She is now at peace with dad. Can I now just distribute the funds per the trust without changing...

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Reducing Capital Gains: Step-up in Basis, The Basics

Dear Liza: My parents a house in 1995. They put the house in a trust in 1998 with me and my 2 brothers as beneficiaries. My dad passed away in 2007 and my mom in 2015. The house is now for sale . I’m...

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Taxes and Beneficiaries: Estate, Income and Capital Gains

Dear Liza: My aunt died recently, leaving her estate to me and my four siblings, in equal shares. She owned stocks and bonds, and some farmland in Iowa. Will I have to pay taxes on my share of the...

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