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I am back again with another question. Does a Delaware resident have to PA inheritance tax on an IRA inherited from a PA resident?

We do not have a trust. Other financial assets are just CD’s, IRA’s, stocks, etc. Nothing complicated. Main concern is selling house.

We have all of those docs already.

I am 74, wife is 71. Have been married 49 years, no children, no debt, good health, jointly own house and cars free and clear. Get along well and trust each other. Planning for a situation where one becomes incapacitated (stroke, dementia, etc) and the other needs to sell house, liquidate other...

I have read that it is advisable for spouses to be general durable POA agents for each other. This would be particularly helpful if one needs to sell real estate when the other is incapacitated. It makes sense to me especially if it would avoid a guardianship process. Do you agree? I also read...

You were right. I was able to file an amended PA return. Turns out it was only $3 and PA considers that an even return. LOL, I bet if I owed them $3 they would be all over me.

I found out that keypad is unacceptable because a child could watch and learn the code. It is impractical to issue keys or cards to all residents. I confirmed with township that latch must be 54”. Normally gates are 48” and you would use a pull up magnetic latch mounted at 54”. We have a five...

LOL, our Board is asking me. This is a very interesting topic actually as there are competing interests in the various codes. Accessibility vs child safety and it appears child safety wins. Our county has a set of pool safety rules which say latch has to be high enough to prevent children from...

Can you site the controlling statute?

Not sure if this question fits here. We are replacing the gate on our HOA pool. It appears Pa has its own pool regulations independent of IBC and ADA. From what I can tell, the only requirement is a 48” high fence and with self closing and self latching gate. No additional requirements on height...

Thx to all…great info. I just use irs fillable firms.

I am going to transition from maintaining multiple (6-8) bank CD’s to brokered CD’s with Vanguard. Not sure if VG 1099-Int will be a lump sum or list each brokered CD. Will the IRS require me to list each brokered CD individually, just like I do now with CD’s from multiple banks? Thanks.

Ok, thx. I would have never picked up that subtlety. I would not mind holding but I would never expect to get anyone who would give me a reliable answer.

Thx, but that does not answer my question. I will call Del and report back. Let me ask it this way, does a distribution from an inherited IRA qualify for the $12,500 exclusion?

Are distributions from an inherited IRA considered retirement income in the state of Delaware? In other words, does the state of Delaware make a distinction between distributions from your own personal traditional IRA and distributions from an IRA you inherited? I am pretty sure the Feds do...

Yeah, that is why I am so pissed and disappointed at the same time. I should not be surprised. I quit doing his taxes years ago because I got tired of hearing about all of his buddies get big refunds and he does not. I finally told him to get his buddies to do his taxes.

You are not going to believe this. Nephew confronted tax preparer. He admitted nephew did not qualify for HOH but said that is the way he has done it for years and the way he was taught. Told nephew no one ever gets caught and he will not have a problem. I told nephew the guy is a crook and...

Unfortunately daughter makes around $8k gross earnings so not eligible for qualifying relative. I looked at nephew’s 1040 again. It was prepared by a local firm. Preparer signed his name without CPA credential. That explains a lot. CPA would never make a big mistake like this. Not sure IRS will...

I was just rereading Pub 501. It clearly states that a student can be a qualifying child if under 24 years old. That means nephew was not eligible for HOH in 2019 either. Daughter turned 24 in August 2019. I have to see his 2020 and 2019 returns to confirm, but I assume his CPA filed HOH for...

Shouldn’t he ask the CPA to file amended return? Nephew is not capable and I do not want any part of it.