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What if your parents passed away and left money to the children is this counted as income on your taxes?
Wiki User
∙ 14y ago
i think it is but when you file your taxes, meet with a tax advisor first and be sure
If your parents protected their/your/the family's assets by establishing a Family Living Trust and transferring all assets into the Family Trust, the assets are NOT subject to taxation. The Trust allows the Family assets to live on and continue to grow, protected for generations.
YES, ONE SHOULD ALWAYS CONSULT WITH A QUALIFIED TAX CONSULTANT.
Wiki User
∙ 14y ago
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Can your boyfriend claim your children on his taxes?
Maybe. Read the "Qualifying Relative" section at the attached link to IRS Pub. 501 to determine whether your boyfriend can claim a dependency exemption for your children.There are 4 tests, all of which must be passed for your children to qualify as your boyfriend's qualifying relatives:1. Not a qualifying child: the children cannot be qualifying children of another taxpayer in order to be claimed as qualifying relatives of your boyfriend.Are you required to file an income tax return yourself? If so, your children are your qualifying children and cannot be your boyfriend's qualifying relatives. There are some exceptions, such as if you are only filing to obtain a refund of income taxes withheld and do not need the dependency exemptions for your children to obtain that refund. Read this section of Pub. 501 for exceptions and exceptions to the exceptions.If you determine the child is a qualifying child of another taxpayer, there is no need to proceed to the remaining tests because all 4 tests must be passed for your boyfriend to claim your children as his dependents on his income tax return.2. Member of household or relationship test: the children are not your boyfriend's relatives (relationship test) so they must have lived in your boyfriend's household all year (member of household test) to pass this test;3. Gross income test: your children cannot have earned more than $3,500 each during the year.4. Support test: your boyfriend must have provided more than half of each child's support during the calendar year.The above is just a quick synopsis. Follow the attached link to the Qualifying Relative section of IRS Pub. 501 for more complete information and examples.
Would you file income taxes on your deceased spouse?
If they had taxable income this year, they will need to have their taxes filed. You being the spouse are probably the best to do it. I am in a similar situation, my grandmother and father passed away this year. I was the caretaker for both of them. I will be filing taxes for both of them. I am able to do it for both because I am the administrator of both estates. If your spouse passed away in 2010, the best thing to do is file as you guys normally did.
Are trust distributions taxable to the beneficiary?
Trust and Estate Income Distribution Deduction Taxable income earned by a trust or estate is taxable either to the trust or estate or to its beneficiaries but not to both. The trust or estate is allowed an income distribution deduction for income taxed to the beneficiaries. Beneficiaries receive Schedule K-1 informing them of the amount and types of income to include on their individual tax returns. Income passed through to the beneficiaries retains its original character (interest, dividends, capital gains, etc.). The income distribution deduction is the LESSER of: • Distributions less tax-exempt income included in distribution, or • Distributable net income less tax-exempt interest. Check here for more information: http://www.1041accountant.com/index.htm
What taxes cannot be shifted from one individual to another?
Direct taxes cannot be shifted from one individual to another. These are taxes that are imposed on an individual person like the income tax. Such taxes cannot be passed on.
What taxes are excluded from the calculation of EBIT?
Generally "taxes" is referring to income tax. Essentially, it is any tax a company pays but does not pass directly to its customers. Of course, all taxes are passed on but in the form of higher prices.
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