Estates

If you sell the property for more than it was worth on the date of death (or alternate valuation date selected by the executor of the estate), the difference is subject to taxes and most likely a capital gain.

Conversely, if you sell it for less and you did not use the property for personal purposes, you can claim a capital loss.

For this reason, it is essential that you have records establishing the value of the property on the date of death (or alternate valuation date). Contact the executor or have an appraisal/valuation done yourself if none is available. If you don't get this information soon after the death, you may find it difficult or very expensive to get later and may find yourself paying unnecessary taxes or fees.

You don't have to pay income tax on money.

You may have to pay income tax if you receive property that has increased in value since your aunt died. You would pay tax on the profit when you sell it. You may have to pay income tax when you take withdrawals from a tax-deferred account you inherited from your aunt (such as a traditional IRA or 401k). You may have to pay income tax on the interest from US Savings Bonds you inherited.

Some states impose an inheritance tax (which is different from an income tax). You may have to pay an inheritance tax.

If the estate failed to pay any tax that might be due before distributing property to you, the IRS may come looking to you to recover some of the property.

your family

To make your will null and void, you can revoke it by creating a new will that clearly states your intention to revoke the previous one. Another option is to physically destroy the original will, such as by burning, tearing, or shredding it. Lastly, getting married or entering into a civil partnership automatically revokes a previous will, unless it was made in contemplation of the marriage or partnership.

the Operations Section

If your mom was a US citizen or resident, then any income she earned on the funds while they were invested abroad is taxable and should have been reported on her return in the year the income was earned.

And if she had foreign bank, investment, or other financial accounts, she was required to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts every year the accounts were open and had more than a certain value.

If she received more than $100,000 from a foreign estate she was required to file Form 3520 when she received it.

Any year she had certain dealings with a foreign trust, she was required to file Form 3520.

There is no tax per se on bringing foreign assets into the US, but if she failed to pay appropriate taxes on income from foreign sources or failed to meet the reporting requirements on her foreign financial dealings and they catch up with her, there could be severe penalties.

Your basis would be the Fair Market Value of the property at the time of death or the alternate valuation date selected by the executor of the estate, plus any adjustments necessitated by events after the date of death. If an estate tax return was filed, you should obtain the information from the return. If not, you should obtain an appraisal. If no appraisal was performed, you can get a retroactive appraisal done, but these are expensive, especially as more time passes.

If the money is given to you as a no-strings-attached gift, no.

Money given to you by your employer or in exchange for goods or services is not a gift no matter what you agree to call it.

Although the heirs are not responsible for their mother's debts her estate is. That means that her debts must be paid from the estate before any distribution is made to the heirs. If the mortgage isn't paid the bank will take possession of the property and sell it. If there is a deficiency it may go after any remaining assets owned by the decedent. The heirs may need to arrange to sell the property to pay off the mortgage.

You should notify the proper authorities that the person has died. That would include the Social Security Administration, any government agency that was providing any entitlements, any private pension fund provider, any private medical insurance provider and the town clerk where the person died.

Yes.

It is subject to the same property tax as any other land.

But you probably wanted to know about income taxes.

When you sell something like land, the difference between the sale price and your adjusted basis is a capital gain or capital loss. Capital gain is taxable, subject to certain exclusions such as the $250,000 (or $500,000 for joint filers) exclusion for a principle residence that you owned and resided in for two of the last five years. "Basis" is the amount you paid for the property plus certain costs like capital improvements.

When someone dies, the basis of his property receives a "step up" (or, in this economic climate, possibly a "step down") in basis. The basis is adjusted to the fair market value of the property on the date of death (or alternate valuation date if elected by the executor of the estate). The difference between the new basis and the sale price becomes a capital gain (or loss) and is taxable.

For example, let's say Uncle Bill buys a plot of land for $1000. When he dies, he leaves the land to you. On the date of death, the land was worth $5000. Later, you sell it for $6000. Your capital gain is $6000 - $5000 = $1000. You pay taxes on the $1000 capital gain.

Another example: Same as above, but the value of the land dropped to $500 on the date of his death. You sell it for $6000 a few years later. You have a capital gain of $6000 - $500 = $5500. You pay tax on $5500.

For this reason, it is very important to get an appraisal of the value of the land as soon as you can after the former owner dies. Many people inherit joint property or otherwise inherit property without a formal probate proceeding and have no idea what it is worth. Years later when they want to sell, they face the difficult and very expensive task of trying to get a retroactive appraisal for property for a date in the distant past. Get a copy of the appraisal records for the property and keep it until after you have sold.

If your husband has a will then his property is distributed accordingly, if he not have a will then the distribution of property is determined by a probate court.

Get a credit report on him. Try https://www.annualcreditreport.com/ or www.equifax.com/ and a list of his credit cards should pop up.

A person's estate is responsible for their individually incurred debts. If there are no assets then the estate is declared insolvent and the creditors are out of luck. Some people think of assets as only being money in the bank. Perhaps you should speak with an attorney to verify that there are no assets and that the creditors are out of luck.

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once a lawyer contacted me and said that we had been passed do some property i was to young and didnt know what to do however my mom was deceased and i knew know information

Yes, it's definitely sustainable because it doesn't harm the environment.

: The above answer is certainly believed by many. The truth is a bit more detailed, though.

Farming involves growing things on a given plot of soil. When the growth of those plants is over, they are harvested and moved away, so as to be sold and consumed elsewhere. Only the smallest percent of farm grown food is actually ate at the farm.

This leads to an increasingly large percent of the nutrients and chemicals necessary to plant growth to be lacking in the soil. The yields of food will then go down. The solution then is to add fertilizer. And such must be done in increasing amounts to sustain the yield.

Crop rotation used to be of great assistance as different plants removed different nutrients and chemicals from the land. But with our intensive agricultural processes now, the addition of fertilizer is all but required.

Therefore, the sustainability does not have anything to do with it not harming the environment, as it does substantially affect the natural environment. Nor does it have to do with farming being "natural", because over the last 150 years it has increasingly not been natural.

It has everything to do with our ability to keep the soil fertile through the artificial methods we have developed - and are still developing. Given human ingenuity, and the fact that doing so is so crucially important, I believe the answer is still "yes", it is sustainable.

But only because we work so hard and unrelentingly, in the labs of this nation, to make it so.

First, you are not your uncle's heir until he dies and his estate is probated. If you're mentioned in his will that gives you absolutely no authority over him or his property while he's still living. His will will not be activated until it is examined and allowed by the probate court. If your aunt is his wife then she has the right to make decisions. If she gets to the point when someone will not accept her authority as his spouse then she can file a court petition to be appointed his conservator. If you want to have the authority to manage your uncle and his property you would need to petition the court to be appointed his conservator. His wife would be given the opportunity to object to your appointment and the court would give weight to her arguments as the spouse. You should consult with an attorney who could review your situation and explain your options.

The court must appoint the executor and will appoint the person named in the will by the testator unless that person declines, is deceased or is determined to be unfit by the court. In that case the surviving spouse would be the next one considered if they petitioned for the appointment.

The court must appoint the executor and will appoint the person named in the will by the testator unless that person declines, is deceased or is determined to be unfit by the court. In that case any one of the surviving children may petition for appointment and if there are no objections that person will be appointed executor.

Generally if both parents are deceased and died intestate, their five children and the children of any deceased child would be the next-of-kin. You can check your state laws of intestacy at the related question link below.

Yes.

As beneficiary, you have the right to almost all-trust related documents and information. Furthermore, if you are indeed the sole beneficiary and sui juris (older than 18 and of sound mind), you can apply to the court to have the trust dissolved and the assets transferred to you.e

You would normally report the sale of real estate on Schedule D.

The Schedule D instructions say not to report the transaction unless the gain is more than the exclusion amount.

There is an exclusion of up to $250k for single taxpayers and $500k for couples filing jointly on the sale of their principle residence provided certain conditions are met. For example, one spouse had to own the house for two of the last five years and both spouses had to live in the house for two of the last five years. (A pro-rated exclusion is available under exceptional circumstances.) This is known as the "Section 121 exclusion."

So the instructions say not to list the sale if the entire amount qualifies for the Sec 121 exclusion.

Many people are not comfortable with this instruction.

There is another section of the tax law that gives the IRS six years instead of the usual three years to audit your return and collect additional taxes if you understate your gross income by 25%. By not listing this transaction on their tax return, most people are handing the IRS an extra three years to challenge their eligibility to claim the exemption and (if the challenge is successful) to challenge anything else on their return.

If there is any question about your eligibility for the exclusion, you may want to weigh the risks of listing the sale on Schedule D (it calls the sale to the attention of the IRS) against the advantages of listing it (disclosure gives you the shorter statute of limitations period).

I will assume you want to know who are the next-of-kin of a minor. Although degrees of kinship are decided according to state law, generally, a minor's next-of-kin are the parents. If the parents are deceased then the next-of-kin would be any siblings. If there are no siblings then the next in line would be grandparents or any lineal descendants of the grandparents. You can review a Degrees of Kinship Chart at the link below.