Hello hope everyone is surviving the last rush.
My question is this - I have a client who back in 2014 received an inheritance which they did pay tax on, however last year 2017 - they had to pay a portion of this back, due to was contested. I am not sure how I need to handle this, do I amend the 2014 return or there another way for...
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Inheritance pay back
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Inheritance
I have a wife (2nd marriage for deceased) who inherited approximately $75,000 from her husband in property and cash. Two sons from first married received approximately $37,500 each in property and cash. Is this inheritance taxable to the sons? My understanding is that an IRS Form 709 is not required since it is an inheritance and not a gift (during...