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Posted by Harlan Lunsford on December 17, 2007, 2:54 pm
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KSB wrote:
> My mother law recently passed at age 90. She had over $50000 cash value
> in HH bonds and a Keogh plan. I am well aware of the taxes due on these
> funds. However, in 2007 she had significant deductions which would more
> the offset any taxes due. Question? Do I have to redeem these bonds and
> Keogh funds in calendar 2007 or can I wait until early 2008 and still
> include them in 2007 income. There are no legal issues just time
> constraints. I am the sole hair and executor.
Don't confuse any income tax she might owe on her final return with any
income pertinent to the Keough plan and bonds which you inherited.
In the first case, those dedutions she had are taken only against any
income she might have had before she passed on.
As for the main assets, you as heir pay the taxes.
ChEAr$,
Harlan Lunsford, EA n LA
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