sunny64068
New Member
My brothers and I cannot seem to get straight answers from the trustee executor of my mother's estate. One brother lives in Ohio, my other brother and I live in Missouri. Our mom lived in Ohio and is where the trustee bank is.
We are all 3 receiving ownership of the house from the trust. Outside of the state estate taxes that are being paid, will the house be considered income to us for tax purposes?
Also, there are stocks, bonds, CD's and money markets to be distributed. Some assets allow transfer-in-kind. How will we be taxed on these inherited assets? If we transfer-in-kind, I assume we won't be taxes until we redeem. Will any of the money rec'd be considered income since it's from an estate? If we asked for cash instead of the stocks - are there tax implications?
Thank you for your help. I assume we will have to hire an estate lawyer for help eventually.
We are all 3 receiving ownership of the house from the trust. Outside of the state estate taxes that are being paid, will the house be considered income to us for tax purposes?
Also, there are stocks, bonds, CD's and money markets to be distributed. Some assets allow transfer-in-kind. How will we be taxed on these inherited assets? If we transfer-in-kind, I assume we won't be taxes until we redeem. Will any of the money rec'd be considered income since it's from an estate? If we asked for cash instead of the stocks - are there tax implications?
Thank you for your help. I assume we will have to hire an estate lawyer for help eventually.
