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Frequently Asked Questions: Gifts & Inheritances

Question: I inherited property and now I’m selling it, will I pay income tax? Answer: It depends on the tax “basis” of the property. For more information: https://www.irs.gov/faqs/interest-dividends-other-types-of-income/gifts-inheritances/gifts-inheritances

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MISC Estate & Abusive Tax Avoidance Transactions 2

Question: Can I deduct the administration expenses of my father or mother’s estate? Answer: You can deduct the expenses incurred by an estate for its administration. See for more information: https://www.irs.gov/faqs/other/misc-estate-abusive-tax-avoidance-transactions/misc-estate-abusive-tax-avoidance-transactions-2

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Hello world!

Welcome to the official blog of O’Connell & Crispin Ackal, PLLC. We will begin posting on this blog shortly, so please check back regularly for updates about the firm, notable cases and more.

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