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Estate fund received from father-in-law who was a foreigner, is this fund taxable ?
We have clients who received $4 million from their father-in-law that he passed away in 2017. Is this money are taxable and reportable? Would the $549000.00 life time exclusion be applicable. The clients are US citizens and their father-in-law was a foreigner and lived in Hong Kong. Hong Kong has no estate tax. In this case, the $4million fund would... -
Final 1040 or is estate income tax return required
Hi All,
I'm working on a client's final income tax return. She passed away in May 2015 and received one pension check (approx $2,000) after her date of death. There were also a couple of small stock sales ($200 gross, $2 loss) that occurred after she passed but before the accounts were distributed to her children.
All...