My mother died and left a savings account payable on her death. How do I claim this on my federal tax return?
537395
Generally speaking, you do not pay taxes on money you inherit - in fact, you don't even have to declare this money on your income tax return.\n\nHOWEVER...\n\nAny tax that is due on the money that is left behind by a decedent must be paid by the decedent's estates before the money is distributed. \n\nUnless you're talking about a ton of money, the government pretty much stays away - for the 2006 tax year, each taxpapyer is allowed an estate tax exemption on the first $2 million of the estate. If your mother's estate wasn't this large, chances are you're not going to be paying estate taxes.\n\nThe rules change somewhat if you're inheriting an IRA - and depend on whether the IRA was funded with before tax or after tax dollars. Roth IRAs are funded with after tax dollars - meaning that the person who funded the account had already paid taxes on the money that was deposited - so you'll never be taxed again when the Roth is cashed out. Traditional IRAs are funded with pre-tax money - you get to set that aside from your paycheck and Uncle Sam taxes only the remainder of your salary. Don't worry - they get theirs in the end - taxes are due on any traditional IRA at the time of withdrawal.\n\nAnother big caution - you would pay taxes on any income generated by your inheritance. For example, if your rich uncle left you a portfolio of stocks and bonds - you'd start paying taxes on any interest or dividends that accrued once those instruments were in your hands.\n\nDefinitely see a tax professional. This is one of those situations you don't want to mess up!
983267
Any solicitor will expect you to place him in funds initially to cover the costs of taking out Letters of Administration.  One of the problems of dealing with the estate of a person who has died intestate is that inheritance tax has to be paid up front by the person making the application, so there are more things than the solicitor's fees to worry about, especially if your mother left substantial property.  However, if your mother died leaving a number of bank and building society accounts then what could happen in practice is that once things start moving, you will find the solicitor handling the estate willing and able to reimburse you for your initial expenditure and then take money out of the estate to cover fees as he goes along. If your mother left considerable liquid assets, therefore, all you have to worry about is finding the initial lump sum to pay down to the solicitor.  If she didn't, then you may well have to take out a bank loan to pay fees and charges, as otherwise nothing is going to get done.  Remember, everything you pay down is reimbursable.  Very unfairly, however, you can't claim for interest charges if you do take out a loan.  \nI have been in this situation and I know what it is like.  My sympathies as well as my condolences.\n\np.s.\nHaving traced your earlier question, I realise that you are not in fact in a position to take action of this kind, as another sibling is administrator of the estate.  That means that you cannot have access to your share of your mother's estate until it has been wound up.  That other relative is in the driving seat and unless you feel that you have reason to sue your relative (which sould be a most regrettable thing to do and would probably cause a permanent rift) you will probably have to sit this one out.  Solicitors are only permitted to work on a contingency fee basis in non-contentious cases, which such a case as this would certainly not be!
282249
You should locate the Salvation Army in your area. They have  a program that they will help you find a relative. There is a form to fill out and you tell them eveything you know about your relative. They will not locate friends just relatives as I understand. It costs about $25.\nIf you know that your Grandson has money coming to him through inheritance  or otherwise  you can send  a letter to Social Security(unsealed ) with your return address and they will forward the letter to the correct person. Tell Social Security everything you know about him and about the money your grandson does not know about. It has to be in an account not just that you want to locate him and give him money. In both cases if the person you are contacting does not want to contact you ...you can not make them.\nIf you have unlimited calling access you can go online and check the whitepages and leave out the state. It only takes a quick call to ask a few questions and hopefully reach the correct party. I have done this with success.\nI wish you much luck...\n\nLocating Private Individuals\n \nThe Internal Revenue Service (IRS), the Social Security Administration, and the Salvation Army can assist you in locating individuals here in the United States. The Department of State’s American Citizens Service Abroad can assist you in locating relatives or friends living or visiting abroad and who are U.S. citizens.\n\nPlease review the policies and guidelines for each agency/organization below:\n\nInternal Revenue Service (IRS)\n\nThe IRS may forward a letter to someone when humane reasons are involved. For example:\n\nTo notify someone of a serious illness, imminent death, or death of a close relative,\nTo seek an individual for a medical study to detect and treat medical defects, or\nTo notify an individual who cannot otherwise be located that he or she is entitled to certain assets. \nThe IRS will forward a letter from an attorney, estate administrator, or other person who directly controls the assets.\n\nFor more information and clarification as to what may constitute "humane" reasons, you may refer to the IRS Handbook 1.3, Chapter 11, which you may find in Other Information Available to the Public.\n\nIf you would like the IRS to help you locate an individual, place a personal letter addressed to the individual in a blank envelope. Include first class U.S. postage, and do not seal the letter. Place the unsealed letter in another envelope and address it as follows: \n\nInternal Revenue Service\nOffice of Disclosure Operations\n1111 Constitution Avenue NW\nWashington, DC 20224 \n\nSocial Security Administration\n\nThe Social Security Administration will attempt to forward a letter to a missing person for reasons similar to those mentioned in the IRS section above. There is a $3.00 charge for forwarding letters to inform persons about money or property they may be owed. Humanitarian letters are forwarded free of charge.\n\nFollow the same guidelines for sending a letter, and address it as follows: \n\nSocial Security Administration\nOffice of Public Inquiries\n6401 Security Blvd.\nBaltimore, Maryland 21235 \n\nSalvation Army\n\nThe Salvation Army has operated a Family Tracing Service since 1885. The service is designed to help people reestablish contact with close relatives they may have lost touch with a few years ago or many years ago. The service is available in many of the 100 countries where the Salvation Army is located.\n\nThe Salvation Army will not help to locate someone in the following instances: \n\nFriends \n\nSituations where adoptions have taken place \n\nAlleged fathers of non-marital children \n\nYoung people under 17 years of age \n\nFormer husbands or wives \n\nSpouses for divorce purposes \n\nEstate or similar business matters \n\nGenealogies\n\nFrom the United States, you may contact the Salvation Army Territory Office for your state. Local Salvation Army office numbers are listed in your local telephone directory. You may al
206049
Please speak to an attorney. That is the only way to be sure you are getting accurate advice. I am not an attorney. I just know to do this by finding out the hard way. Sorry for your loss. Good luck.
958988
Try to go through all of the statements/paperwork you may have of your deceased relative, then contact the corresponding banks to see if there is an account in their name.  You'll probably need to come in to the bank in person and show them the death certificate and that you're a relative, for them to give you that sort of information.  You can also contact your state's Abandoned Property department (look them up in business white pages) and have them do a search for anything that may have been surrendered to them by the bank.
937895
Hi, sorry about your Mother. I don't know what state you're in but in Michigan Type into your computer, www.mich.gov. (Try your own state of course.) On the right hand side of the page that comes up you'll see "Unclaimed Property." After clicking that page, A Dept. of Treasury page will come up. On the left is another unclaimed property line. That page will have a box to enter names for your search. You can type in a specific name or just the last name to get many (Coopers, example) If the name your looking for is on the list, the site will tell you which form you need to fill out for any initial claims. (Form 3433 for Mich.) But dont stop with your Mom. Start checking any family name you know. You may be surprised or, be able to help another family member. For a small finders fee. Remember, this is for Mi. States may vary a little so use this as a reference, not exact fact. Good-Luck.
60887
Just the fact that the house was put into a trust for you before your aunt's death doesn't automatically mean that you received it before your aunt died.\n\nIt's possible that your aunt put the house into a revocable living trust with herself as both grantor and trustee.  In that case, you would receive the house when she died and you would receive it with a value based on it's value when you received it.\n\nI suspect you will have to pay taxes on any money you made based on that value upon your aunt's death, if the house was sold at a higher price, since you never lived in the home as your own.\n\nI would suggest you see a CPA or tax attorney and bring a copy of the trust document, home appraisal done upon your aunt's death and the home sale paperwork so it can be determined for sure what your situation really is and what you must do concerning the IRS.
742132
If I read you correctly, you hold a Power of Attorney from a deceased parent. \n\nThe Power of Attorney expires when the Principal dies. It is basically useless. \n\nThe proper party to claim the deposit is the Estate.  Were I holding such a deposit, I'd be reluctant to refund it to just anyone, including a family member, I'd want something from the Probate Court saying who should receive it.
208001
Contact your State. If you had someone do your taxes for you they should have a copy.
984269
Check here to find your specific situation:\n\nhttp://www.widowsresource.com/1/retirees-widow-death-benefits.html
510717
The bank is required to report to the IRS all checks deposited for more that $10,000. There's no way that you can hide an inheritance from the IRS unless your relative kept the money in cash and you collected the money directly from your relative's mattress after he or she died. When a person dies, the IRS is right there on the spot to make sure they get their share. They usually seal all safe-deposit boxes within hours, and require banks to have an agent present when it is opened. Also, if you are spending a lot of money that you didn't earn, the IRS might well notice it and audit you. This is how they catch the drug and organized crime lords. The casinos and so on are required to report large winnings to the IRS.
72700
You'll have state laws wherever you live, and it will have to be settled through probate within a year of her death (not settled within a year, but go to probate before the year is up).  Other than IRS debts you can usually get out of paying any bills at all if you want to.  If it was a block community grant that helped her out? well, you decide.  But if there is any kind of lien on her house that would have to be settled.  Probate gets you through all of this and will tell you what to do but you should, in no way, end up owing any money to anyone out of your pocket.  Also, don't pay any bills now even if you have her money, just notify debtors of her death, you may need to send a death certificate to them and they will want one Without cause of death indicated, and they'll send the final bill.
64213
It's doubtful that you will find something like that on the internet. I have never heard of the "at least one dollar" and I have lost both parents. Your best bet is to contact the executor of the will.
161173
Call the utility companies, be prepared to give them a copy of the death certificate or obituary.\n\nSo sorry to hear about your mother.
51874
I'm in Florida and here the State runs a site for unclaimed money.  I know inheritences are listed there.  Your state may have a similar service.
732025
She is the only person responsible for her debt. \nWhen she dies, the credit card companies will call you (one called me on Christmas Eve after my mom died) and try to get you to commit to paying the debt. Just say no. She was over 18, and they contracted with HER for the debt she incurred. The only thing you will have to do is send them a copy of her death certificate. They write the debt off for taxes at the end of the year.
947110
Two ways - the will of the deceased party will usually specify who is the executor - aka, administrator.  If the will does not specify it, or if there is no will, you have to file through probate court to have someone appointed executor - aka, administrator.  \n\nWhy doesn't the Allstate policy have your mother's name on it?  The policy only covers the named party up to their interest in the policy - so if the property is TITLED to her name, and the insurance is "fred smith", then if the house burns to the ground, Allstate has NO obligation to pay, as Fred's name isn't on the title.   The policy SHOULD be written "The Estate of Mary Gray" or whatever.  Go to your Allstate agent, ask them to fix the name, RETROACTIVELY, so they can send a copy to the mortgage company.  \n\nYou could also add The Estate of Mary Gray as an additional insured party, but it's not the best way to do it.  \n\nIs someone living in the house right now, or is it vacant?  If it's on a homeowners policy, you're going to have a problem - as the titled owner is CLEARLY not living in the house. You're probably going to have to move it to a rental policy, or vacant house policy - which will cost more, but still be cheaper.  \n\nYou really need to sit down with your agent and get this straightened out.  If the place burns tomorrow, there won't be anything to sell.